Adam Smith vs. Samuel Smiles Essay Example | Topics and Well Written Essays - 1000 words

Adam Smith vs. Samuel Smiles - Essay ExampleAccording to Smith, this entailed a non-interference or passive approach by authorities/governments towards private enterprise. His postulates were geared towards advocacy for the establishment of a laissez faire trade policy twain on the local and international scene. Samuel Smiles is some other free thinker whose postulates on the economical wellbeing of the society heavily echoed Smiths postulates almost a century later. Smiles design was based on the need for enhanced self-actualization and development, which would ultimately lead to a more vibrant individual and societal economic prosperity. Adam Smith was cogitate more on self-interest and Smiles focused more on morality. This paper seeks to highlight both authors arguments with relation to economic liberalism before and during the industrial revolution, and how their focus influenced their works. stinting liberalism can similarly be regarded as fiscal liberalism because it ent ails the freeing up or giving a free reign to all matters pertaining to financial activities both at the individual and societal level (Perry, Peden & Von Laue, 2006). The basic aim of economic liberalization is to eliminate the involvement of organizations and institutions in making economic decisions that affect commonwealths economies.... He attri just nowes the ages productive powers and increase of quantity of work to three aspects or circumstances. He argues that division of labor enhanced both workers ingenuity, it saved time and the great number of machines that facilitated and abridged labor, enabling man to do the work of many (Perry, Peden & Von Laue, 2006). Division of labor also enhanced what Samuel Smiles attributes to failure of society because division of labor encouraged selfishness and individualism. These attributes according to Smiles did not do much in terms of developing societal economies, but encouraged in its stead a culture that bred social vices. These v ices negatively impacted on the economic development of communities and nations. Individualism and the self-centered approach towards economic liberalization that Smith advocated for during his time did not help a lot in terms of improving the wellbeing of society. Samuel smiles on the hand, lauds division of labor as a great benefactor to the development and realization of capitalistic ethics. Smiles postulates that true growth in an individual and society in general is only realizable through the spirit of genuine self help at a personal level. According to Smiles, no amount of intervention from institutions and legislation can yield to individual advancement if the individual is not willing. Too much guidance and direction from government policy only leads an individual to exist in a helpless state (Perry, Peden & Von Laue, 2006). This is because they get used to the situation where everything is done for them, and they have no control of their decision-making in life. The pros perity of a nation is dependent upon the core of individual uprightness, industry and energy just like national