Author Archives: Anonymous
Read the following excerpt from Wealth of Nations to answer…
Read the following excerpt from Wealth of Nations to answer the next two questions. As every individual . . . endeavours as much as he can both to employ his capital in the support of domestic industry, and so to direct that industry that its produce may be of the greatest value; every individual necessarily labours to render the annual revenue of the society as great as he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. In this excerpt, Smith argues that markets should be controlled by
Read DetailsConsider this excerpt from Rousseau’s The Social Contract: S…
Consider this excerpt from Rousseau’s The Social Contract: So that the social pact will not become meaningless words, it tacitly [silently] includes this commitment, which alone gives power to the others: Whoever refuses to obey the general will shall be forced to obey it by the whole body politic, which means nothing else but that he will be forced to be free. According to Rousseau, the ideal society is one in which
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