History

Only available on StudyMode
  • Download(s) : 82
  • Published : May 5, 2013
Open Document
Text Preview

Topic:
Adam Smith and Eighteen-Century Economic Globalization: Free Market Principles Are Still Topical in the Twenty-First Century

Name:

Course code:

Tutor’s Name:

Date:

OUTLINE
1.0 Introduction………………………………………………………………………………….2 1.1 Adam Smith’s Revolutionary Ideas on Improving Economics…………………………2 1.2 The Wealth of Nations. Fundamental Solutions Leading To Economic Improvement and Progress…………………………………………………………………………………….3 1.2.1 Technological Innovations…………………………………………………………….3 1.2.2 The Principles and Stimuli of Free Markets…………………………………………4 1.2.3 Significance of Free Markets as demonstrated by Smith: The beginning of a New Era…………………………………………………………………………………………..4 1.2.4 The Threshold of Economic Change………………………………………………..5 1.2.5 The Laissez- Faire Policy of Leaving Entrepreneurs Alone……………………….5 1.2.6 Smith’s Prophecy on Division of Labor as a Significant Value of Globalization…6 1.2.6 Market Capital Extensions and other issues related to Globalization…………….7 1.3 Smith’s Prognosis on the Future’s Anticipated Results………………………………..7 1.4 Progress of Globalization from the 18th century to 21st century in Relation to Smith’s Concepts…………………………………………………………………………………………8 1.4.1 The Success of Smith’s Notions: Positive Improvements………………………….8 1.4.2 The Failures’ of Smith’s Notions: Negative Aftermaths…………………………….8 1.5 Conclusion: Restoration of the world’s Economic Balance…………………………….9 REFERENCES…………………………………………………………………………………10

Adam Smith and Eighteen-Century Economic Globalization: Free Market Principles Are Still Topical in the Twenty-First Century 1.0 INTRODUCTION
Economic theories from the past have shown to have higher impacts on the improvements and developments on the modern societies. Economic theories have greatly facilitated the growth of societies by assisting them on reaching to their current state as informational societies leading to the current global globalization. Therefore economic theories and notions cannot be underestimated and are greatly associated with the present state of humankind. Adam Smith is the most famous economist in world history. He postulated some notions and concepts that led to creation of free markets in the 18th century which is still a principle that is highly used in globalization in the 21st century. Therefore even if the idea of globalization may seem new, its key concepts were spurred in the 18th century. Therefore his works and theories can be noted as the ideas that stimulated globalization since the whole framework of globalization is based on the elements of his theory. The concepts of free markets have therefore drawn attention to other economists and allowed a number of brainstorming conclusions. 1.1 ADAM SMITH’S REVOLUTIONARY IDEAS ON IMPROVING ECONOMICS The concepts of globalization as a worldwide process were spurred in the 18th century although it has been greatly realized during the 21st century. Even the current applied notions of worldwide globalization have been adopted and based on Adam Smith’s principles.

1.2 The Wealth of Nations. FUNDAMENTAL SOLUTIONS LEADING TO ECONOMIC IMPROVEMENT AND PROGRESS Adam Smith wrote a book called The Wealth of Nations. This book is considered as his life’s work. This book has really contributed in the interpretations and analysis of his ideas on globalization and free markets. According to this book, Smith explains his ideas on economic progress and globalization and the means of arranging it into sections that actually gives much light to the whole globalization process. 1.2.1 Technological Innovations

Adam Smith related the aspects of technological inventions and innovations with free markets. He tied together the aspect of staff training and technological innovations. Smith claimed that the company should provide the staff with the most recent, up to date and new devices that will allow fast, effective and efficient organizational processes. These devices...
tracking img