The Political Economy
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This paper answers three questions based on the evolution of the political economy. The paper explores the works and beliefs of Adam Smith, Robert Malthus and Karl Marx and the origins of their ideas.
From the Paper:""Wealth of Nations" is generally viewed as a high point in economics literature. However, there are many causes and events that led to it which are as interesting as the aftermath. To begin with, Adam Smith wrote the work of economics as a work of philosophy; study of which led him to study of jurisprudence. This connects with study of the various legal systems, which led to the study of government, and, finally, to a study of political economy. But this alone was not the connection; David Hume, Samuel Johnson and Benjamin Franklin were contemporaries who had influenced Smith through intellectual discourse. Observed closely, The Wealth of Nations had a specific perspective; the American colonies. Furthermore, Smith exchanged philosophical and political ideas with contemporary French philosophers; Voltaire, Quesnay, Turgot, and Necker. Apart from the intellectual debates, perhaps more concrete was Smith's exposure to the simultaneous English and French political-economic systems. The economic conditions in France in the wake of the French Revolution (in dates that coincided with Smith's visit to France) were especially the strongest determinant.
"However, Adam Smith was not a pioneer in the economic ideas expressed in The Wealth of Nations. A close study of the following works of economics will reveal the reason. Sir William Petty's A Treatise on Tax (1662) and Political Arithmetic (1691); Sir Dudley North's Discourses upon Trade (1691) and Turgot's Reflexions sur la formation et la distribution des richesses (1766). The ideas contained in the Adam Smith's Wealth of Nations can be traced to the above stated works. Therefore it may be classified more as an eloquent compilation with thoroughly discussed ideas and adequate arguments."
Cite this Term Paper:
The Political Economy (2003, November 02) Retrieved October 18, 2019, from https://www.academon.com/term-paper/the-political-economy-44435/
"The Political Economy" 02 November 2003. Web. 18 October. 2019. <https://www.academon.com/term-paper/the-political-economy-44435/>