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Intro To Business - Online Essay

Intro To Business

Capitalism is based upon the ideas of the economist John Smith. Smith wrote in his book, The Wealth of Nations, about an economy free of government intervention. Each citizen can pursue his own best interest within the economy. Inturn, the society would benefit without government becoming involved. The French term laissez faire, meaning "let them do", is generally used to describe Smith's capitalistic system.
Smiths ideas are usually broken down into four basic ideas. The first being that an individual should be responsible for his own prosperity. By doing so, he is likley to be more productive and contribute more wealth and commodities into the economy. Second, the individual ...

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the specific market, as well as growth in the overall economy. The fourth and final idea is that the government should not be involved in the economy. Smith felt that the government should be limited to providing defense against foreign countries, while allowing it's citizens to control the economy. He did state that the government should make the rules, and decide if and when those rules are broken.
Karl Marx could be considered completely opposite of Smith. Known as the father of communism, Marx felt that a society whose economy was under complete government control would be the most prosperous. Communism was built around the belief of a classless society where the citizens collectivly owned all resources. Workers would produce to the best of their ability and were paid upon their specific needs.
In reality, today's communist societies contrast Marx's basic ideas and concepts. The government tends to place it's needs before the needs of it's citizens. As a result, ...

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PAPER DETAILS

Added: 8/15/2007 01:56:55 AM
Category: Miscellaneous
Type: Free Paper
Words: 506
Pages: 2

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