posted by Bryan on .
Has Adam Smith's Vision Proved True?
In his book Wealth of Nations, Scottish economist Adam Smith argued that society's interests are best served by a private enterprise system in which individual entrepreneurs seek their own self-interest versus other types of economic systems. He felt that competition was a better way to regulate business than government planning and control. Discuss Smith's "pure vision" and the reality of contemporary practices. Explain whether or not his theory has been proved over the past 200 years.
The most successful models -- as in Europe, Australia, Canada, and the U.S. -- is a combination of government control and private enterprise. I'm glad that most of schools, police departments, and highways are under government control. I wish our health care system was also.
To add to what Ms. Sue said, capitalism has thrived because of regulation. Prior to govt rules requiring disclosure and regulating markets, sharp recessions and economic crashes were more common. One thing to bear in mind is that Adam Smith's entrepreneurs bear little resemblance to modern multinational corporations. The world has changed so much that it is hard to say Adam Smith's theory has been "proven" correct; we can say that his ideas have been very influential and that they are correct at least some of the time.
Is outsourcing good for IBM?
yes.. it is. i can see what you are saying