The first economist we will discuss is Adam Smith. Before we discuss Smith's views, we will provide a brief description of the setting in which Smith was able to create his assumptions, and formulate his theories. Smith studied Social Philosophy at the University of Glasgow and the University of Oxford, the latter of which he was not as fond of. The primary economic theory at the time (18th Century) was mercantilism, which focused on foreign trade and a positive balance of trade (Net Imports > Net Exports;Trade Surplus). Around 1760, Smith was in France, which was horribly in debt due to the ruinous aiding of Americans against the British, amongst other reasons. Smith envisioned the government playing a larger role, one which consisted of protection through mercha...
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...iety being tampered or an individual causing harm to others and deemed unfit. All of these economists looked out for the well being of mankind, even if their government-economic structures were polar opposites, they all had the intention of bettering the mankind. Some ideas translate better than others and in hindsight , a mixture of all these great economists ideas are what balances out a capitalist system.
Heilbroner, R. (1997). Teachings from the Worldly Philosophy. -: W.W. Norton & Company.
Marx, K., & Engels, F. (2000). Manifesto of the Communist Party . Germany: Zodiac.
Mill, J. S. (2001). On Liberty. Kitchener: Batoche Books. (Original work published 1859)
Smith, A. (2005). AN INQUIRY INTO THE NATURE AND CAUSES OF THE WEALTH OF NATIONS. Hazleton: A PENN STATE ELECTRONIC CLASSICS SERIES PUBLICATION. (Original work published 1776)
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