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POLITICAL THEORY - Adam Smith
POLITICAL THEORY - Adam Smith
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10 Terms
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Adam Smith
Scottish philosopher and economist known for his works on capitalism, specialization, and the importance of sympathy.
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Specialization
The process of dividing tasks in production across multiple people to increase efficiency and productivity.
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Consumer Capitalism
An economic system in which goods are provided for consumer demand, generating surplus wealth and aiding society's weakest members.
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Honour and Respect
According to Smith, these are the true motivations for the rich, rather than mere accumulation of money.
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Education of the Consumer
The recognition that improving consumer habits and demands can lead to a more ethical and sustainable capitalism.
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Higher Needs
As per Smith, these include education, self-understanding, and fulfilling social lives beyond mere material consumption.
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Frivolity
Characteristics of consumer societies which, while often seen as superficial, provide essential support for vulnerable populations.
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The Role of Luxury Goods
According to Smith, these goods generate wealth that allows societies to provide for their weakest members.
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Vanity
The desire for approval and status, which Smith suggests can be redirected to promote societal good.
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Purpose in Work
The sense of meaning and contribution that workers may lose in large, specialized corporations.