The Role of Greed in a Capitalist Society :: Economy Economic Essays

The Role of Greed in a Capitalist edict Introduction Much has been said about the role of greed in a capitalist, free foodstuff economy. Some believe that greed fuels the economy. Others claim that it undermines the determine system that drives the economy. Adam smith said that, It is not from the benefaction of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest (Smith, 1776 26-27). This command explains that it is the self-interest of individuals that causes people to trade. This trade pushes an economy in a out front progression, which earns a more profitable living situation for the individuals in the economy. stock-still Smith also stated that an individual could either pursue the pick out of perception and virtue or the acquisition of wealth and greatness. In this linguistic context, ane individual may choose to follow riches, which would in turn create a confidence in trade and the economy. The confidence of this person would confirm the economy of that country. The other person may choose to attain wisdom and virtues. This person is notably less concerned with securing financial wealth (Smith, 1759 62). Does this so mean that their lack of concern with material gain will sour against the economy?It is my thesis that greed does not fuel the economy, but undermines the value system on which capitalism (according to Adam Smith) was built, and a good interpreter of this today is child labor. I plan to argue that Smiths case for pursuing self-interest only works in the context of a wealthy society. He understood that there was more to action than amassing wealth, but he did not consider the plight of those in miserable poverty. Using Biblical principles, new theories on democratic capitalism, and real life-time examples I hope to describe how greed undermines capitalism and that the free market economy is driven by a good work ethic, slow gratification and the virtues of individuals . These qualities can better provide the wealth of life that Smith describes in both The Theory of honorable Sentiments and The Wealth of Nations. Background educationThe Theory of Moral Sentiments was Adam Smiths first appropriate and it was first published in 1759. He was appointed to be the check of Logic at Glasgow in 1752 and then moved to the Chair of Moral Philosophy in 1752. He was teaching subjects such as born(p) theology and ethics before moving into law and government.