Adam Smith and the Modern Economy
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This paper examines how far modern economies depart from the ideals of the free market envisaged by Adam Smith. The paper begins with a short biographical note on Smith, and explains how he came to formulate his revolutionary theories regarding the workings of the free market. The paper then goes on to explain why Smith was against both government intervention and the proliferation of corporations, and shows how both these evils are rife in modern economies. The paper analyzes modern economies in further detail to highlight how far they depart from the ideals expressed by Smith.
From the Paper:"Adam Smith is responsible for introducing the mechanics of the market into political thought, and thus he has given rise to the modern discipline of economics. He advised that the mechanics of the market should not be interfered in by government bodies, implying that unhindered market forces works to the benefit of society as a whole, and thereby to the enrichment of the nation. However, he would not have approved of the nature of global economics as it has transpired in the modern world, where great multinational corporations control the agenda, and therefore the market can no longer be called free."
Sample of Sources Used:
- Bagehot, Walter. 2007. Biographical Studies. New York: READ BOOKS.
- Faber, Daniel J. 1998. The Struggle for Ecological Democracy: Environmental Justice Movements in the United States. New York: Guilford Press.
- Smith, Adam. 1999. The Wealth of Nations. Lake Bluff, IL: Regnery Gateway.
Cite this Analytical Essay:
Adam Smith and the Modern Economy (2010, August 08) Retrieved September 19, 2020, from https://www.academon.com/analytical-essay/adam-smith-and-the-modern-economy-128776/
"Adam Smith and the Modern Economy" 08 August 2010. Web. 19 September. 2020. <https://www.academon.com/analytical-essay/adam-smith-and-the-modern-economy-128776/>