ASSIGNMENT ID
1012824
SUBJECT AREA Arts entertainment
DOCUMENT TYPE Essay
CREATED ON 19th March 2018

A Comparison of the Economic Philosophies of Adam Smith, John Stuart Mill, and Karl Marx

As far back as man was on earth, he has been driven towards developing a community among his peers. Whether that is a community of hunters and gatherers who discuss whatever the day has attracted to them inside their tribe, or a larger community which inside its structure lie the inner dwellings of division of labor and societal classes. Adam Smith (18th Century), John Stuart Mill (19th Century), and Karl Marx (19th Century) are of the same fabric, but in contemporary conditions their neighborhood is referenced as a government, and they all have their own different views on the 'driveway' instilled within human nature that form their personal economic concepts. I'll be dissecting the perspectives of every one of these economists, in relation to the function of government within their imagined society. While showcasing the difference in views, I wish to focus on the subtle similarities that these renowned economists shared within their economical procedure and their beliefs concerning human nature. The first economist we will discuss is Adam Smith. Before we discuss Smith's perspectives, we will provide a brief description of the atmosphere where Smith managed to create his assumptions, and formulate his theories. Smith studied Social Philosophy at the University of Glasgow and the University of Oxford, the latter of which he was not as fond of. The principal economic concept at the time (18th Century) has been mercantilism, which concentrated on foreign trade and also a positive balance of trade (Internet Imports > Net Exports;Trade Surplus). About 1760, Smith was in France, that was horribly in debt due to the ruinous helping of Americans from the British, among other reasons. Smith envisioned the authorities playing a larger role, one which consisted of defense through mercha...

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