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Adam Smith and his view of the role on government in the economy - Research Paper Example

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he purpose of this assignment is to reflect upon the roles of the government in a particular nation and how government can help in the success of the nation. These roles were suggested by Adam Smith in his writing named as Wealth of the Nation…
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Adam Smith and his view of the role on government in the economy
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Adam Smith and his view of the role on government in the economy

Download file to see previous pages... Body Body comprises of the discussion of the roles of the government proposed by Adam Smith. These roles include: 1. Protection of the citizens from external forces. 2. Protection of the rights of the citizens through the means of judiciary. 3. Development and maintenance of institution for the public. Through his book he even proposed different ideas such as the impact of religion in particular nation, the difference between the value and weight of goods, the role played by government in providing education. Summary The summary sections covers all the topics discussed throughout the report, including: summary of the roles of the government. Introduction The wealth of nations was the master piece of Adam smith (Smith, 2009). The book represented the political economy and it showed the mechanism of exchange in much broader way with the main area of concern. Not just that, it believed in the ideal governmental form that was mandatory for the commercial improvement and in order to approach the self interest of each individual. It is because of “the wealth of nations” that made Adam smith a pure laissez faire intellectual. In his book, he had discussed about the system of natural liberty. Natural liberty is the way of dealing in which government role of intervention is very minimum and only the individuals at the market place are responsible for the control. According to smith, government or sovereign state had only three major parts to play that involves protection of the country from any outside attack, to implement the rule of justice in true sense and provide real protection to the individuals living in the state from each other and the last one was the responsibility of constructing and preparing the public works and public based institutions that was in the interest of citizen or a group of citizen, which was not be afforded by them previously. Body First Responsibility However, there are certain controversies associated with every form of responsibility of the sovereign state as indicated by Adam smith. For the first responsibility of protecting the society from the outside attackers, there was an argument among other theorists and smith regarding the citizen militia and standing army, as to whom would be the best for the required job by taking help of the deep discussion from the historical relevance of military at several time periods in the given society (Sherman 91). With the specialized thinking and relevance, smith gave his positive opinion in the court of army with no doubts. Army must be given the role of protecting the society instead of citizen militia. Second and Third Responsibility The other responsibility of the sovereign state was the implementation of rule of justice in real sense also faced the challenges and was not a simple criterion (Rabushka 161). Adam smith didn’t mention the theory in a complete way in his book about the definition of justice and how a state maintained it in rue way. Nevertheless, with his other theories, he was a believer of liberalism for the right of citizens against the implementation of government rules on the issues of conscience and debate. The “expense of justice” chapter in the book had shown the discussion about the character of subordination of human beings and why the imposition of one individual on another always exists. The third responsibility of the sovereign state for the construction and maintenance of the public institutions and public workplace that was not in the limits of the individuals to do so personally, in other words it is known as natural monopolies that faced the maximum challenges (Roth 27). Government and Religion Apparently, the book showed last time what smith was thinking regarding the governmental ...Download file to see next pagesRead More
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