The war of 1812
"The Wealth of Nations" vs. "The Communist Manifesto" Looking at the beginnings of civilization, one can identify a common theme between almost all prior cities and nations. This theme was and still is that these civilizations were structured and divided according to different powers, no matter it being social, economic, or political power. An example of this can be seen when examining the Feudal system of the Medieval period, when power was held by kings and lords, while peasants had barely if any say in rule. Many have had their say in what they believe to be the "utopian system," by which nations and states should be run. Their perfect system for economics and society have been based on a wide array of ideas, ranging from Social Darwinism to needs of all human beings. Two individuals who held widely differing political views on their ideas of the "perfect government" were Adam Smith and Karl Marx. Adam Smith has been regarded to be the father of modern economics, and many of his ideas have been integrated in a majority of the nations in the present day world. His major work was "An Inquiry into the Nature and Causes of the Wealth of Nations," where he discusses many of his economic views. Smith discovered surprising conclusions
during his time, when he applied scientific principles to economic behavior. One of his dramatic conclusions was that people mainly acted out of their own self-interests, and if permitted to follow their own interests it created natural social harmony and economic productivity. This would occur and was led without any conscious control or direction, "as if by an invisible hand." According to Smith's "The Wealth of Nations," he held the belief that a greater division of labor lead to a greater amount of productivity. The more divisions which are created, the faster a product can be created and therefore a greater quantity can be produced in the same relative time. With division of labor, the process of manufacturing is broken up and branched into its very basic parts; instead of creating an entire unit, the worker preforms one or two basic acts. According to Adam Smith, the size of a particular market limits the divisions and size of a manufacturer. Due to the extra productivity from the divisions in labor, the market must be able to meet the surplus created or the manufacturer will suffer. According to Smith's economic ideas, a person's own labor can supply all of their needs. Someone can purchase or command commodities which they need or want, and are created by other people's labor, according to their own labor, and therefore their earnings. The commodities which they can command, classify them as rich or poor, and are usually of equal value as their labor. In "The Wealth of Nations," Smith also describes his ideas on supply and demand, which hold true to this day. According to his writings, if a quantity of any commodity which is brought into a market, falls short of consumer demand, then a competition will begin for the purchase of the product and the market price will rise above the natural price. If a quantity of any commodity which is brought into a market, exceeds consumer demand, the
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Approximate Word count = 1284
Approximate Pages = 5 (250 words per page double spaced)
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