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

Adam Smith vs. Samuel Smiles - Essay Example agree to Smith, this entailed a non-interference or hands-off turn up by authorities/governments towards private enterprise. His postulates were geared towards advocacy for the establishment of a laissez faire apportion policy both on the local and international scene. Samuel Smiles is a nonher free thinker whose postulates on the sparing wellbeing of the society heavily echoed Smiths postulates almost a century later. Smiles notion was based on the need for enhanced self-actualization and exploitation, which would ultimately lead to a more spirited individual and societal economic prosperity. Adam Smith was centre more on self-interest and Smiles directioned 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. Economic liberalism can also be regarded as fiscal liberalism because it entails t he freeing up or self-aggrandising a free reign to all matters pertaining to financial activities both at the individual and societal direct (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 mint peoples economies.... He attributes the ages productive powers and increase of quantity of work to lead aspects or circumstances. He argues that division of weary enhanced every workers ingenuity, it saved conviction 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 vices 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 further possible through the spirit of genuine self help at a personal level. According to Smiles, no amount of intervention from institutions and legislation can contribute 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 accountant of their decision-making in lif e. The prosperity of a nation is dependent upon the sum of individual uprightness, industry and energy only like national