To What Extent Did Adam Smith Offer A Critique Of Free Market Essay

To What Extent Did Adam Smith Offer A Critique Of resign Market Capitalism - Essay ExampleCapitalists, in particular, supported Smiths policies and often twisted his words to guarantee mistreatment of workers. They suggested that child labor laws, maximum working hours, and factory health codes constituted a violation of their rights and Smiths well-situated rule. Similar attempts by factory owners to use Smiths teaching in order to further their own ends act well into the twentieth century. Historical Framework of Adam Smiths Theory The image of the community province as we know it in the present day has started a long time past in Europe when individual countries started to think of their legitimacy and control over the political and economical lives of the community (Hindle). During the seventeenth century, the most(prenominal) dominant theory is that which describe the role of the call down as a lawful authority that governs all the aspects of the peoples lives. During that period, many thinkers and politicians started to think of the province as the presidential term body and the ruler as the highest authority that should have all the power in his hands to control his country (Hindle). One of the bang-up advocates of this theory of the role of the state is Machiavelli, who sees the rule as the ultimate power and the state as the highest governing authority. In addition, other theories that describe the role of the state looks at it as an organizer of peoples lives with minimum amounts of preventive in the political and economic lives. This led to the existence of liberal democratic societies in many places of the world, oddly in most of the European countries (Sidgwick). One of the main characteristics of this theory of the role of the state is the emergence of whatever trends such as industrialization, capitalism, and mercantilism. Such new trends have left important impacts on the role of the state in peoples lives. For example, the peri od during which the role of the state started to be minimized has been characterized by the domination of markets over state policies, climaxed in the initiation of the concept of laissez-faire, as popularized by Adam Smith (Sidgwick). Political economy for most of the twentieth century has delineate a particular field of study - the relationship between the state and the economy. As defined by Karl Marx, political economy is a branch of science concerned with the outturn of commodities and the accumulation of wealth (Political Economy). This involved both different visions of its ideal institutional form as well as theoretical and empirical analysis of agencies and structures, and debates on the principles and substance of public policy. It was accordingly tag by fierce ideological, methodological and theoretical disputes. The different schools of political economy were sharply divided by their methods of analysis and by their ideological preferences. The rival camps agreed, how ever, that the main concern of political economy was the relationship between the public and the private spheres, although they disagreed about the nature of that relationship. In the public sphere, the arena of politics, the dominant institution was defined as the nation-state, while in the private sphere, the arena of economics, the dominant institution was defined as the home(a) market. On this basis a further set of distinctions between the national and the international, and between the developed and the development world, were constructed (Studies in