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Adam Smith - Essay Example

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The present essay entitled "Adam Smith" dwells on the personality of Adam Smith who is recognized as one of the foremost economists of the modern world. Reportedly, in his text the Wealth of Nations, Smith established a view of economic structures…
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Adam Smith
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"Adam Smith"

Download file to see previous pages While many elements of Adam Smith’s theory of capitalism persist today, his view of pure capitalism has proved impossible in modern markets. There are a variety of reasons why Smith’s theory of the invisible hand does not go far enough. One of the major reasons Smith’s theory fails is because of the possibility of monopoly structures. In these situations, organizations are able to gain significant power that allows them to shape market elements in their favor, effectively eliminating the process of supply and demand, and making the emergence of competitors an impossibility. In these situations, it became the responsibility of the government to institute regulatory mechanisms, as not doing so would result in potential recessions or economic complications. Other elements are the nature of ethical considerations. With the advent of the Industrial Revolution organizations increasingly presented longer workweeks and poor working conditions. While it’s possible the invisible hand would ultimately regulate these situations, there remain significant human rights concerns in permitting such a pure capitalistic structure. In conclusion, this essay has examined Adam Smith’s theory of capitalism and demonstrated why it is impossible in the modern world. In this context of understanding, the essay demonstrates that Smith proposed an invisible hand that regulates the market. Still, it’s clear this is impossible in the modern world because of the potential of corporate monopolies and widespread human rights concerns. ...Download file to see next pagesRead More
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