A Discourse on the True Ends of Capitalism

Paper Summary:

This essay analyzes the globalization of the world, using the U.S. during the American Revolution as a microcosm for the eventual world economy that will, with some help, someday emerge. Using Marx's ten planks of the "Communist Manifesto" and the principals espoused by Alexander Hamilton and Thomas Jefferson in "The Federalist Papers," it also argues that a change in the current world view regarding private property is inevitable if capitalism, as Adam Smith foresaw, is to continue to exist. Lastly, it warns of the dangers of not integrating the new economic system slow enough so it can be absorbed peacefully by the newly formed global society.

From the Paper:

"The implications of Adam Smith's, On the Wealth of Nations, is often not taken to the ends that it predicts, even by economists. In modern times, politicians and economists leave the macro picture at a world of separate nation-states, each independent and sovereign, at the same time tied together by the invisible hand of economics. In this picture, the free markets regulate prices according to the utility of the goods being offered to the buyers, and governments play little to no role in the distribution and regulation of commerce. This however, is not an accurate depiction of the ends which would occur in the short run, possibly for hundreds of years. What this picture fails to realize is the social ramifications that a quick redistribution of wealth (much as the one many in China and the U.S. are trying to force onto the global populous) would have on a newly emerging global society, and the psychological affects that human beings would inevitably encounter."

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