The economic concepts that were visualized by Adam Smith and Karl Marx lead to the idea that Canada fits towards both quite well. Their concepts are reflected quite clearly in the economic situation of Canada, and the theories of both can be applied. In a way, both Marx and Smith would be pleased with the economy of Canada, as it lends to their ideas and presents a positive economy for Canadian residents. While some may argue that Canadian economy should be a bit more as their southern neighbor the United States, it is also argued that Canada’s mixed economy provides a perfect blend of corporate and government responsibility. When it comes the Smith’s theories, the one that stands out the most would be his theory of the “invisible hand.” This “hand” controlled the economy by driving prices down through competition and resources. This metaphorical “hand” exists today in Canada, as the citizens benefit from variety.
The variety of products and services available almost always leave room for an alternative, which is what, in effect, forces prices to be lower. Canada’s “invisible hand” may take the modern form of technology, as it affects the means by which products are produced. If for instance, a new mode of manufacturing Product A is formulated, and it allows Product A to be manufactured at a lower price, then the price of Product A will be cheaper. This causes the competitive price to drop, which allows consumers to benefit from lower prices. The division of labour does exist, however not to the intensity Smith stated in his theory.
The Term Paper on Canadas Immigration Policy Canada Applicants Economy
Since not long ago, some changes were made in the Immigration Policy of Canada. Such changes can play an unfavorable role in the growing economy of the country. The Immigration Department now requires people, who want to settle in Canada, to meet the new selection criteria. More than that, it can happen not only when they apply, but also when their visas are issued already, which is often 3-4 ...
In companies today, there is a specialization of a sort to specific positions, but usually it is not to one specific task, but to an area. There are, however, exceptions, such in factory work, when an employee may do the same job for a long period of time. The specialization of workers is, in fact, a management technique. Fredrick Taylor, occasionally called the “father of scientific management” developed the concept that for every job a specific rule of motion and training should be developed in order to increase and achieve maximum productivity. Smith felt that slavery was an improper use of human resources, as there was no internal drive in a worker who basically worked for nothing. He would be impressed by the fact that there is no slavery in our economy and that it is actually against the law.
This can lead back to companies working in our economies, because it plays toward the personal drive of employees. Employees who receive an incentive are more likely to want to work harder to output more. The idea of mercantilism barely exists in our society, which is another thing Smith would like, because our economy does value what he believed determined a country’s wealth. Natural, Human and Technological resources are three of the largest factors that determine how well our society does. Free trade is a huge concept of Smith that is greatly into play today. Canada’s interdependence is so greatly obvious, and the concept of an open market is something that even the government takes pride in, as they often include it on websites trying to encourage outside investment.
Free trade is so large a part of the economy that even agreements, such as the North American Free Trade Agreement (NAFTA), exist and Canada belongs to groups such as the world trade Organization (WTO).
Marx would also be pleased with the Canadian economy, as it also reflects many of his economic theories. His concept that socialism and capitalism could co-exist is in a way reflected by the Canadian mixed economy. Both social and capital economies are combines and found in the Canadian economy. For instance, while the government does play a substantial role, companies are privately owned and operated. The division of labour exists, and does so for the exact reason Marx expressed.
The Term Paper on The Process of Contract Farming in India Rural Economy Is a New Concept.Docx Uploaded Successfully
The process of Contract Farming in India Rural Economy is a new concept. The process of contract farming involves cultivating and harvesting for and on behalf of big business establishments or Government agencies and forwarding the produce at a pre-determined price. In return, the contracted farmers are offered high price against their farm produce. The role of contract farming in India rural ...
The division of labour leads to different jobs, which leads to different products available for consumers. The labour theory exists in a way, and one could argue that markup is in a way the “worker exploitation” and that the labour theory may have basis when determining the base price of the good / service . Surplus value does exist, however it may not be labeled surplus value. If one examines wages as an expense, the one can say that since Sales-Expenses = Net Income/Loss, it can be stated that Sales-Wages = Profit. This modern concept of profit is closely comparable to the concept of Surplus value. One thing Marx would be glad to see has not truly occurred was his concept of alienation.
While there are many tedious and repetitive positions being held by Canadian workers, most jobs are not of that nature. Most jobs allow for change and a bit of “breathing room” when it comes to being stuck in the same monotonous task. Free trade again, is such a great part of the Canadian economy that it fits perfectly with Marx’s ideas. Also, it has done exactly what he stated it would do. It has broken down the barriers and opens the Canadian economy to the outside world. It has created a sense of the “global village” which can be respectively compared to the “world culture” Marx spoke of.
Marx and Smith both spoke of ideal economic theories, in which economies were open and quite prosperous. These theories are clearly and constantly reflected in the Canadian economy, which can lead one to believe that Canada has an ideal economy. Marx and Smith would both be quite glad to see the position Canada is, as it envelops most of their economic theories. As any scientist would be glad to see their experiment work, it is almost certain that these economist would enjoy seeing their theories at play, lending to a productive and well-run society. All in all, it can be strongly stated that by being placed in the perfect mixed economy position Canada, with whatever few downfalls it may have, has a very strong economy, and will most likely continue to prosper. Annotated Bibliography Delong, Brad.
The Essay on Adam Smith and Karl Marx: Contrasting views on Capitalism
Adam Smith’s “Inquiry into the Wealth of Nations”, published in 1776 along with his “Theory of Moral Sentiments” were the defining works as far as the body of thought known as Capitalist theory is concerned. In the first book, Adam Smith laid out a comprehensive method of conduct of human affairs along economic lines. He firmly believed in the individual who seeks to maximize his “self interest” ...
“Adam Smith: Adam Smith Deserves a Website of His Own.” 13 July 1997. The site was created by a strong believer / fan of Adam Smith. It provides in-depth information on Smith and his theories. The use of actual excepts from The Wealth of Nations is a strong way to reinforce Smiths thoughts and allows the reader to interpret the information given themselves, rather than be given the answers.
The site is useful when examining the actual wording of Smiths Theories. Eamonn, Butler. “Free Trade.” web This site is a part of the Adam Smith Institute’s website, so it is obvious there would be bias. The author is the director of the institute, but he raises some key important points in this short but informative article.
The site was informative in summarizing the wealth of nations and putting ideas into perspective by using simple examples. Myers. Peter. “Karl Marx.” 2 August 2001 An extremely informative view of world trade from the point of view of Karl Marx, this site outlines the concepts, which related to world trade as well as many of his other ideas. Includes excerpts and paragraphs from his works, which again, leave little room for distortion due to interpretation because one is reading straight from the source. Schermerhorn.
“Management: Sixth Edition.” Chapter 4. United States of America: Garamond Book. 2001. 72-73. This is a textbook utilized in a grade 12 management course.
The section used outlines the concepts of Frederick W. Taylor. The concepts applied directly because of the idea of specialization within taskforce’s.
