StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Adam Smith vs. Samuel Smiles - Essay Example

Cite this document
Summary
Adam Smith was an 18th Century professor of logic and philosophy who had immense interests in the workings of economies,and their impact on people’s lives.Smith’s best works are exhibited in his 1776 publication followed by Wealth of Nations…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER96.4% of users find it useful
Adam Smith vs. Samuel Smiles
Read Text Preview

Extract of sample "Adam Smith vs. Samuel Smiles"

? Adam Smith vs. Samuel Smiles Adam Smith was an 18th Century of logic and philosophy who had immense interests in the workings of economies all over the world, and their impact on people’s lives. Smith’s best works are exhibited in his 1776 publication followed by Wealth of Nations, which rightly addresses the notion of economic liberalism. According to Smith, this entailed a non-interference or hands-off approach by authorities/governments towards private enterprise. His postulates were geared towards advocacy for the establishment of a laissez faire trade policy both on the local and international scene. Samuel Smiles is another free thinker whose postulates on the economic wellbeing of the society heavily echoed Smith’s postulates almost a century later. Smile’s notion was based on the need for enhanced self-actualization and development, which would ultimately lead to a more vibrant individual and societal economic prosperity. Adam Smith was focused more on self-interest and Smiles focused more on morality. This paper seeks to highlight both authors’ arguments with relation to economic liberalism before and during the industrial revolution, and how their focus influenced their works. Economic liberalism can also be regarded as fiscal liberalism because it entails the freeing up or giving a free reign to all matters pertaining to financial activities both at the individual and societal level (Perry, Peden & Von Laue, 2006). The basic aim of economic liberalization is to eliminate the involvement of organizations and institutions in making economic decisions that affect people’s economies. Economic liberalization shows immense support for a market economy where the laws of supply and demand dictate commodity prices. The role of private property in the production process is also respected with regard to the role it plays in promoting enterprise. Adam Smith’s views on division of labor can be construed to be the instigator of his views on economic liberalization. Smith lived during the initial period of the industrial revolution, which exposed him to the effects and benefits of division of labor in production. Smith lauds the division of labor as the greatest contributor to the immergence and success of the industrial revolution. He attributes the age’s productive powers and increase of quantity of work to three aspects or circumstances. He argues that division of labor enhanced every worker’s ingenuity, it saved time and the great number of machines that facilitated and abridged labor, enabling man to do the work of many (Perry, Peden & Von Laue, 2006). Division of labor also enhanced what Samuel Smiles attributes to failure of society because division of labor encouraged selfishness and individualism. These attributes according to Smiles did not do much in terms of developing societal economies, but encouraged in its stead a culture that bred social vices. These vices negatively impacted on the economic development of communities and nations. Individualism and the self-centered approach towards economic liberalization that Smith advocated for during his time did not help a lot in terms of improving the wellbeing of society. Samuel smiles on the hand, lauds division of labor as a great benefactor to the development and realization of capitalistic ethics. Smiles postulates that true growth in an individual and society in general is only possible through the spirit of genuine self help at a personal level. According to Smiles, no amount of intervention from institutions and legislation can contribute to individual advancement if the individual is not willing. Too much guidance and direction from government policy only leads an individual to exist in a helpless state (Perry, Peden & Von Laue, 2006). This is because they get used to the situation where everything is done for them, and they have no control of their decision-making in life. The prosperity of a nation is dependent upon the sum of individual uprightness, industry and energy just like national failure is brought about by vice, individual idleness and selfishness (Perry, Peden & Von Laue, 2006). National prosperity is pegged on individual effort especially where a person thinks that they are acting for their own best interest. Smith forwards this notion by arguing that when an individual is tasked with improving the economic welfare of society, they are more likely to fail, than if they were doing it for their own benefit and gain. According to Smith, every individual endeavors to apply their capital to self-betterment, which inadvently predisposes them to promoting domestic industry. This translates to the promotion of public interest without the sole intention of the perpetrator towards this end. Thus, the postulate that an individual is more likely to promote public interest in pursuance of self-actualization than when purposely tasked to promote society’s welfare. This can be construed to be a factor behind Smile’s development on the theory touching on morality as a necessity in the economic prosperity of a nation and society (Perry, Peden & Von Laue, 2006). According to Smiles, the greatest that a nation or an institution can do is encourage and stimulate people to improve and elevate themselves on their own free will. This will be of more benefit to individual and society’s wellbeing than modification of policies and altering institutional implementation. Texts by Adam Smith and Samuel Smiles are in dialogue in the sense that they both focus on individual excellence and improvement as the key to a prosperous society. Smith’s text illustrates individual efforts at attaining an advantageous position in society’s commerce. This is characteristic of capitalism where individual effort is rewarded with success and prosperity unlike communist societies where individual effort is translated to societal advantage (Perry, Peden & Von Laue, 2006). Smith argues this point by giving the example of the middle class during the industrial revolution. The middle class emerged as the new leaders in business and commerce due to individual effort and a belief system that encouraged self-excellence through hard work. Every individual in this society prefers to place their capital in endeavors that will promote their interests the most. This is congruence with Smiles’s text, which lays emphasis on self-actualization, and improvement, which is the only way that society can prosper. There is also dialogue between the two authors’ text where they both address the notion of freeing up people’s potential. Through their text, they advocate for institutions that encourage individual improvement and actualization. They both illustrate a belief in the fact that individual effort and industry is the key to prosperous nations and society. When Adam Smith was writing in 1776, the industrial revolution was just starting to take shape, and most of the factors that affect domestic and international commerce were just beginning manifest. It can be said that Smith was one of those few individuals who had the insight and foresight to discern these factors and their impact on society. During Smith time, nations were focusing their efforts in trade on mercantilism. He saw this policy or approaches as detrimental to the development of society because they did not address domestic commerce. Smith’s foresight enabled him see the importance of promoting domestic industry because it would eventually translate to what mercantilism tried to achieve, but in an outdated approach. During Samuel Smile’s time in the 19th century, the industrial revolution was in its winding down stages and it was a time of international commerce and industry. The industrial revolution created a ripe environment that created opportunities for anyone who was willing to work hard. This came to be seen as a benchmark of capitalism, which rewarded those who were willing to work hard. Communism was also borne out of the industrial revolution, and it advocated for the need of collective or communal appreciation of individual effort and industry. Adam Smith’s emphasis on individuality and self-centeredness as an approach towards economic liberalization did not achieve its ultimate goal. This contributed to Samuel Smiles development of a moral theory to enhance Smith’s postulate on what could be done to improve society’s economic status. Adam Smith and Samuel Smile’s were authors who wrote about their beliefs and philosophies about the features behind successful and prosperous societies and nations. Their works echo of congruent principles even though they both lived in different times separated by decades. Personal advancement and improvement is the key to achieving individual economic security and freedom. This leads to a society that is a mirror image of the individuals it harbors. Economic liberalization is the key to a prosperous society and nation because it rewards hard work and excellence. Reference Perry, M., Peden, J. R. & Von Laue, T. H. (2006). Sources of the Western Tradition: From the Renaissance to the present. 7Th Illustrated Edition.Virginia: Houghton Mifflin. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Adam Smith vs. Samuel Smiles Essay Example | Topics and Well Written Essays - 1000 words”, n.d.)
Retrieved from https://studentshare.org/history/1482305-adam-smith-vs-samuel-smiles
(Adam Smith Vs. Samuel Smiles Essay Example | Topics and Well Written Essays - 1000 Words)
https://studentshare.org/history/1482305-adam-smith-vs-samuel-smiles.
“Adam Smith Vs. Samuel Smiles Essay Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.org/history/1482305-adam-smith-vs-samuel-smiles.
  • Cited: 0 times

CHECK THESE SAMPLES OF Adam Smith vs. Samuel Smiles

Adam Smiths economic theories

According to some classical economists the most important economic factors are capital accumulation and growth, and this concept has originated from adam smith's Nature and Causes of the Wealth of Nations.... hellip; adam smith's economic theories According to some classical economists the most important economic factors are capital accumulation and growth, and this concept has originated from adam smith's Nature and Causes of the Wealth of Nations....
5 Pages (1250 words) Research Paper

UN Raises Aid Appeal for Pakistani Quake Victims in Race Against Time

This paper talks about the United Nations and Red Cross which raised their appeals for emergency relief for Pakistani earthquake victims to more than half a billion dollars on Wednesday amid warnings that time is running out for millions of injured or homeless people.... … According to the report the International Federation of Red Cross and Red Crescent Societies doubled its appeal for 570,000 survivors in the worst hit areas to 152 million Swiss francs....
5 Pages (1250 words) Essay

Smile and the World Smiles Back at You

Duchenne smiles use specific muscles around the cheeks and the eyes, and raise the cheeks.... Some authors refer to these as a "felt" or "authentic" smiles, and they are consistently preferred by observers to the non-Duchenne smile as reported by Ekman, 1992; Ekman & Friesen, 1982; and Frank, Ekman, & Friesen, 1993 (as cited in Grandey et al.... However, given the many references to the two types of smiles, it is important to discuss the two types here....
5 Pages (1250 words) Essay

American Railroad or Baseball Americas sport

Almost single-handedly, the railroad pulled the country puffing and steaming into the 20th century, from a world of colonialism and rugged western expansion into the… Regardless of whether they themselves traveled on it, the railroad halted the life of the cowboy, decreased the living spaces for those living the life of the American Indian and increased the availability of a ‘normal' Goods could be shipped across long distances at a fraction of the cost and messages could be sent across country in a fraction of the time....
28 Pages (7000 words) Essay

Managing Employees in an Organization

Contemporary managers in effect assume the responsibilities of a therapist, guide, organizer, taskmaster, trainer and adviser to the workforce.... The foremost… As people constantly interact with each other, they unconsciously mange each other in their transactions and thus learn how to relate with diverse people in addition....
17 Pages (4250 words) Essay

Samuel Adams

If you asked them to name the founding fathers, most people can only really recall names like Benjamin Franklin, Thomas Jefferson,… While these greet men did play a huge part in the founding of this country and the events that led up to our independence, they were not the only men, or women, who contributed greatly to the One of the significant individuals is samuel Adams.... In fact, samuel Adams was more than just a Politian; he was one of the architects of the revolution and the face of independence....
12 Pages (3000 words) Research Paper

Territorial Disputes as a Problematic Issue

The paper "Territorial Disputes as a Problematic Issue" describes that dialogue plays a crucial role across the international context, which became obvious in the way Britain established its case internationally; Dialogue alone was not sufficient means to prevent Argentinian aggression.... hellip; The close relations between one of the world superpowers, namely the United States, and both Argentina and the UK, spoke undoubtedly against the Cold-war character of the conflict; moreover, until the late 1930s, there had been strong UK-orientated sentiment, especially amongst the Argentine political establishment (Laucirica, 2000)....
19 Pages (4750 words) Essay

Analysis of Business Law Cases and Employer Negligence

The author analyzes the Business Law case and answers the questions as to employer negligence and employee claims.... The author states that the cases where many conflicting events occur, it is relevant to state the set of events on a step by step basis and analyze the legal implications of each....
12 Pages (3000 words) Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us