POLITICAL THEORY - Adam Smith

Adam Smith

Scottish philosopher and economist known for his works on capitalism, specialization, and the importance of sympathy.

Specialization

The process of dividing tasks in production across multiple people to increase efficiency and productivity.

Consumer Capitalism

An economic system in which goods are provided for consumer demand, generating surplus wealth and aiding society's weakest members.

Honour and Respect

According to Smith, these are the true motivations for the rich, rather than mere accumulation of money.

Education of the Consumer

The recognition that improving consumer habits and demands can lead to a more ethical and sustainable capitalism.

Higher Needs

As per Smith, these include education, self-understanding, and fulfilling social lives beyond mere material consumption.

Frivolity

Characteristics of consumer societies which, while often seen as superficial, provide essential support for vulnerable populations.

The Role of Luxury Goods

According to Smith, these goods generate wealth that allows societies to provide for their weakest members.

Vanity

The desire for approval and status, which Smith suggests can be redirected to promote societal good.

Purpose in Work

The sense of meaning and contribution that workers may lose in large, specialized corporations.