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

The Role of Greed in a capitalist Society Introduction Much has been said about the role of edacity in a capitalist, dislodge market economy. Some believe that cupidity fuels the economy. Others say that it undermines the value system that drives the economy. Adam smith said that, It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own bear on (Smith, 1776 26-27). This statement explains that it is the self-interest of individuals that causes people to trade. This trade pushes an economy in a forward progression, which creates a much profitable living situation for the individuals in the economy. Yet Smith also stated that an individual could either chase after the study of wisdom and virtue or the acquisition of wealth and greatness. In this context, one individual may choose to follow riches, which would in bowl over create a confidence in trade and the economy. The confidence of this person w ould strengthen the economy of that country. The other person may choose to action wisdom and virtues. This person is notably less concerned with securing financial wealth (Smith, 1759 62). Does this then mean that their lack of concern with material gain provide discipline 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 peachy example 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 breeding than amassing wealth, but he did not consider the plight of those in abject poverty. Using Biblical principles, new theories on democratic capitalism, and current life examples I hope to describe how greed undermines capitalism and that the free market economy is driven by a good work ethic, delayed gratification and the virtues of individuals. T hese qualities can better provide the wealth of life that Smith describes in both The Theory of Moral Sentiments and The Wealth of Nations. ambit InformationThe Theory of Moral Sentiments was Adam Smiths number 1 book and it was first published in 1759. He was appointed to be the lead of Logic at Glasgow in 1752 and then moved to the Chair of Moral Philosophy in 1752. He was teaching subjects such as natural theology and ethics before moving into law and government.