Adam Smith's View Of The Industrial Revolution

The industrial revolution began in the 17th century and made significant change in the world. An era was over and the new one was beginning. The revolution has advantages and disadvantages. Rising of living standards, improving of health, lifetime and trade system are its advantages. On the other hand, manufacturing has caused major problems such as deforestation, excessive use of fossil fuel sources, irresponsible industrialisation and agricultural development. These changes have increased world’s atmospheric concentration of water vapour, CO2, CH4 and other gases (Stocker, 2013). These gases capture part of energy receiving from sun and trap this heat inside atmosphere that causes rising temperatures on the earth’s surface. Naturally, for continuation of life these gases are necessary, but result of the human events these gases has produced more than plants and environment need (Robins, 2016). Also, we call them Green Houses Gases because they have the similar effect like the ‘greenhouses’ utilised to increase condition of vegetables.

A nation is just a vast establishment, where the labour of each, however diverse in character, adds to the wealth of all. Two brilliant people of their time are both respected in their views for creating a near perfect society where everyone is happy. Adam Smith, a respected Scottish political economist philosopher born in 1723, had the goal of perfect liberty for all individuals through the capitalistic approach. While Karl Marx, born in 1818, believed in individual freedom for society and intellectually criticized capitalism giving reasons as to why it was irrational and why it would fail. Adam Smith’s very first sentence claims that, "The greatest improvement in the productive powers

America had a huge industrial revolution in the late 1800”s. Many changes happened to our great nation, which factored into this. The evidence clearly shows that advancements in new technology, a large wave of immigrants into our country and new views of our government, helped to promote America’s huge industrial growth from the period of 1860-1900.

In the Wealth of Nations, Adam Smith talks about international trade and subsequent government policies which became increasingly significant throughout modern history. Protectionism is the term for economic policies of restraining trade between countries when they want to protect their domestic industries from foreign competition. Trades nowadays have different forms and methods and involve more businessmen as well as consumers, which is why trade diplomats are looking to regional agreements. The US experienced two major economic declines during the 20th century, both of which had much to do with international trade. Smith mentioned tariffs in the 18th century, but the role and forms of protectionism have changed across time, so we should know whether the development of economy should actually be correlated with or decided by the political sector of the society and when protectionism will benefit or hurt economy.

Among economists, it is said Adam Smith is one of the main contributors to modern free market economics. His thoughts attacked mercantilism which was the prevalent form of government at the time. His works provided systematic rationales in the subjects of capitalism, free markets, and limited government intervention. His most popular books changed history because without them, many of these thoughts and ideas would not be so prevalent. Smith is regarded and cited as the father of modern economics. With this said, not all of Smith’s ideas were in agreement with laissez-faire. Although Adam Smith pioneered many ideas on modern free market economics, Smith cannot be depicted as a defender of laissez-faire because of his ideas on

Document 3: I think that the workers’ condition is a result of natural law. I think that these children are most likely making very low wages due to an increase in food production, and therefore an increase in population. So, the children most likely have to work in bad conditions to be able to make any money for their poor families.

The Industrial Revolution is the name given to the movement in which machines changed people's way of life as well as their methods of manufacturer. It brought three important changes: inventions of machines that simplify and speed up the work of hand tools, use of steam (and other power) versus human power, adoption of a factory system. Workers were brought together under one roof and were supplied machines. The Industrial Revolution began throughout the world relatively during the same time period, and although it had its beginning in remote times, it is still continuing in some places.

The North and the South stood as two distinct regions during the antebellum period in America. The North and the South were rapidly diverging in all aspects: cultural, economic, and technological. The Northern industrial sector was modernizing the North, and the economy was starting to become more dependent upon manufacturing. Culturally, the Women's Rights movement was advancing as more and more women fought against the Cult of Domesticity. Women entered the "man's sphere" and began to work in factories. In the South cotton became the cash crop and slavery was an integral part of their economy and culture. The views propounded by Southern elites of their home region and its way of life did not resemble those held by Northern observers of the

Smith and Marx agree upon the importance of capitalism as unleashing productive powers. Capitalism is born out of the division of labour... that is, it is made possible by dividing jobs up into simple tasks as a way of increasing efficiency. By increasing efficiency, then everyone can produce more than they personally need. The extra produced can go towards the accumulation of capital, (machines, more land, more tools, etc) which will allow for even more increased efficiency and production. Both thought that this increased production was great. But Marx said that capitalism was only one stage... that every country must go through capitalism, to get that increased production, but that capitalism is

As far back as man has been on earth, he has been driven towards building a community among his peers. Whether that is a community of hunters and gatherers who share whatever the day has brought to them within their tribe, or a larger community which within its structure lie the inner dwellings of division of labor and societal classes. Adam Smith (18th Century), John Stuart Mill (19th Century), and Karl Marx (19th Century) are of the same cloth, but in modern terms their community is referenced as a government, and they each have their own distinct opinions on the 'drive' instilled within human nature that shape their personal economic theories. I will be dissecting the views of each of these economists, in regards to the role of

controlled the society he lived in. In the process, he provides an exposition for his vision

- Control and regulate the various economic conditions such as inflation through the management and

Social Sciences consist of many different disciplines and those disciplines can be in conflict (disagreement)

There is perhaps not a more famous ongoing dialectic argument in the field of political economy than the one between Adam Smith and Karl Marx in regards to capitalism. The two thinkers, although coming to radically different conclusions about the outcomes of the capitalist system for all parties involved, agree on a surprising number of ideas such as labor being the source of commodities’ value, as well as the fact that the division of labor increases productivity. However, their different conceptions of what determines the price of a commodity, the driving force behind and the effects of the division of labor, and the purpose of the capitalist system have widespread implications that cause their holistic arguments to diverge considerably.

Adam Smith is considered as one of the most influential economists in the 18th century. Although his theories have been criticized by several socialist economists, however, his idea of capitalism still has great impact to the rest of the economists during classical, neo classical periods and the structure of today’s economy. Even the former Prime Minister of Britain, Margaret Thatcher had praised on Smith’s contribution on today’s capitalism market. She commented “Adam Smith, in fact, heralded the end of the strait-jacket of feudalism and released all the innate energy of private initiative and enterprise which enable wealth to be created on a scale never before contemplated” (Copley and Sutherland 1995, 2). Smith is also being recognized