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michaelc96

  • one year ago

"The statesman who should attempt to direct private people in what manner they ought to employ their capitals, would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it." Source: An Inquiry into the Nature and Causes of the Wealth of Nations How does the view expressed in this excerpt compare with communist ideology? Bot

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  1. michaelc96
    • one year ago
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    Both believe in the private ownership of capital and distribution of resources. Both disagree with the state playing a large role in determining the path of economy. This view differs from communism because it argues against government control of the economy. This view is similar to communism because it argues no single person should receive the majority of economic benefits.

  2. michaelc96
    • one year ago
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    How does Smith's view of the economy expressed in this excerpt compare to Owen's? Both believe individuals acting in their self-interest will lead to economic equality. Both believe individuals acting in their self-interest will lead to economic inequality. Smith believes individuals acting in their self-interest will lead to the maximum social benefit, while Owens does not. Owens believes individuals acting in their self-interest will lead to the maximum social benefit, while Smith does not.

  3. michaelc96
    • one year ago
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    "...he intends only his own security... he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention... By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it." Source: An Inquiry into the Nature and Causes of the Wealth of Nations

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