Compare the trade approach of Adam Smith to William McKinley

Topics: Economics, Free trade, Protectionism Pages: 2 (745 words) Published: October 23, 2014

Compare the trade approach of Adam Smith to William McKinley Trade Approach of Adam Smith
Adam Smith, a great social scientist was referred as father of the liberal capitalism. Adam always had unique principles and beliefs on the politics and has a great manifesto of a trade approach that has greater impact on manufacturing. There were many critiques made on Adam Smith’s trade theories that they are totally applicable to the consumers but not to the companies or dealers.. Magarac an interviewer raised a question to Adam to specify his opinion on trade manufacturing (Adam Smith, 1776). Adam Smith was a free trader in life and Adam proposed many theories that are incorporated with core concepts of trade manufacturing Adam even argues that trade process is associated with various key social, economic and technological factors that highly influence the consumers and companies. Especially the traded agricultural goods are having negative impact on the consumers because the costs of the products are creating additional burden to the customers. This process is even leading to monopolies of the products that initiated the manufacturers to become competitive and reliable. This causes trouble for the people involved as profits do not come their way fairly. Free Trading is the best approach suggested by me because it leads to internal development of the country that is even supported by governing bodies with certain trade rules and regulations. Adam even supported McKinley’s control towards the monopolistic prices and on the other hand, Adam criticized McKinley’s approach towards monopolies of protective tariffs. Adam’s free trade approach was criticized by many markets and governing practioners that implementation of free trade process leads to mutual understanding issues among the countries and even reduces the employment rates of local people residing in other countries. Even though there are many critiques and debates on trade free...

References: 1. Adam Smith, Wealth of Nations, [originally published in 1776], (Prometheus Books: New York, 1991).2. Skrabec Jr., Q.R. Interview with the Titans of business, chapters 4 and 5. McKinley’s (1889) acceptance speech for the Republican nomination.
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