Submitted by: Submitted by jmerm32
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Pages: 14
Category: Business and Industry
Date Submitted: 02/14/2014 05:47 PM
Turning Around the Poor Nations: An Analysis of Economic Philosophy through Adam Smith and John Maynard Keynes
Since the international market became a major component of commerce, or since the beginning of international trade, one major question has been brought to the surface regarding the translation of economic theory from one nation to another: Why does whatever works for this country, not work for that one? The question itself is one of extreme general nature and has yet to be answered. Furthermore, until a universal economic solution, if there is one, is found, the masses who remain sympathetic toward countries with a lower standard of living will always be asking themselves, “What can we do to help?” However, at its root, international economics is dictated by the health and stability of the involved nations’ individual economies. In the United States, we have embraced Capitalism to the point where a change our economic system is completely improbable. To this point, we can only continue to fix problems as they arrive while searching through the teachings of classic economic philosophers for a pre-emptive strike toward the disasters like those witnessed in 1929 and again (yet, much less destructive) in 2008.
Two major theorists and philosophers on the point of economics were Adam Smith and John Maynard Keynes. Both had brilliant minds and revolutionized the way people view economy in their respective eras. However, considering the apparent contrast in their ideologies, the two must be turned against each other in order to discover the secret behind economic stability. While both authors would contend the way to make poor countries rich would be to stabilize employment and balance savings and investments, the two would argue on the proper means necessary to arrive at such ends. Through a comparative analysis of The Economic Consequences of the Peace, The Wealth of Nations, and other various quotes by Adam Smith and John Maynard Keynes, it...