Samia Sahar 12/20/10 Global History 2 – 10 Pd. 8
Adam Smith vs. Karl Marx
Adam Smith, a brilliant philosopher was born in Kirkcaldy, Fife, Scotland. Knowing that Adam was baptized on June 5, 1723 gives an approximate date of his birth, although, still to this day, his precise date of birth is unknown. Six months before Adam’s birth, his father, also named Adam Smith, passed away. His mother, Margret, single handedly raised him until she had died at the age of ninety. In 1773, at the age of fourteen, Adam began to attend Glasgow University. There he was influenced by a famous philosophy teacher, Francis Hutcheson, and soon began to study a course in moral philosophy. After graduating in 1740, Adam was awarded a scholarship called the “Snell Exhibition” which recommended him to study at Oxford University’s Balliol College. In 1746, Adam abdicated his scholarship and escorted himself back home to Edinburgh. There Adam gave numerous public lectures which brought him great notoriety. In 1751, at the age of twenty-eight, he became Professor of Logic at Glasgow University and further on received the professorial chair of Moral Philosophy. Shortly eight years after, The Theory of Moral Sentiments became a huge attraction in Britain and other foreign countries such as France and Germany.
Resigning from the University of Glasgow in 1763, Adam acquired the responsibility of being the private tutor of Henry Scott, the Dukedom of Buccleuch whom he accompanied to the continent of Europe. While having much time on his hands in Europe, Adam Smith began his most influential piece, An Inquiry into the Nature and Causes of the Wealth of Nations. Being in Europe, and obtaining his masterpieces, Adam had created a reputation for himself which led him to be elected as a member into the “Royal Society”. After agreeing to himself of ending his period of service, he returned to Scotland where he worked on his piece, and published An Inquiry into the Nature and Causes of the Wealth of Nations in 1776. On, June 17th, 1790, Adam passed away in Edinburgh. He was said to have been one of the most dramatical influential philosophe writers of modern times.
The Term Paper on Adam Smith 5
Adam Smith After two centuries, Adam Smith remains a towering figure in the history of economic thought. Known primarily for a single work, An Inquiry into the nature and causes of the Wealth of Nations (1776), the first comprehensive system of political economy, Smith is more properly regarded as a social philosopher whose economic writings constitute only the capstone to an overarching view of ...
Capitalism is an economic political system in which factors of production is privately owned and money is invested in business ventures to make profits. Much of Adam’s works were devoted to the ideals of Capitalism. He focused on the three natural laws of economics: “the law of self-interest – People work for their own good, the law of competition – Competition forces people to make a better product, the law of supply and demand – Enough goods would be produced at the lowest possible price to meet demand in a market economy.” Economists, Thomas Malthus and David Ricardo believed in natural laws governing economic life, like Smith. In his book, The Wealth of Nations, he believed that economic liberty granted economic progress. He also defended the ideals of a free economy and of free markets.
Karl Marx was born on May 5th, 1818 in Trier, Germany. As a child, Karl was Jewish, but once he had gotten older, he decided to abandon his Jewish faith and become a protestant, also changing his name from Hirschel to Heinrich. Karl entered Bonn University after being schooled from 1830 – 1835. There he studied law; although he spent most of his time socializing and adding up large debts causing him to move to Berlin University. He too was influenced by one of his professors of philosophy, Bruno Bauer.
Bibliography
http://www.econlib.org/library/Enc/bios/Smith.html
http://www.lucidcafe.com/library/96jun/smith.html
http://www.historyguide.org/intellect/marx.html
http://www.age-of-the-sage.org/philosophy/adam_smith.html
The Term Paper on Eight Years Wasted, the Economic Failures of the Bush Administration
Eight years wasted. That is the description that befits the George W. Bush administration of the United States between 2001 and 2008. Nevertheless, this is not a case of unfair criticism of the Bush administration, as noted by Republican Senator John McCain who served in Bush’s era (Curl). According to McCain as he campaigned for the presidency in 2008, Bush spent a lot of the United States’ ...
http://www.victorianweb.org/economics/laissez.html
http://www.futurecasts.com/Smith,%20Wealth%20of%20Nations%20(II).htm
