Smith Famously Argued That If Persons Pursue Their Own Interests

question 53

Essay

Smith famously argued that if persons pursue their own interests through the market, the result will be that the interests of society are promoted more effectively than if governments actively try to do so. Try to restate Smith's picture of a successful economy in your own words and then evaluate its current relevance. Does the growth of poverty in many areas of contemporary global economy diminish Smith's argument? Or does the growth of the middle class in some other areas (such as India and China) support it? What are the moral stakes of restraining or not restraining market forces that may help or harm millions of people? Keep in mind the arguments of Singer, Walzer, Pogge, and Schweikart.

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Definitions:

Scapegoat Theory

The idea that blaming problems and misfortunes on outgroups contributes to negative attitudes toward these outgroups.

Confirmation Bias

The inclination to seek out, understand, prefer, and remember data in a manner that affirms an individual's existing notions or assumptions.

Self-Serving Bias

A cognitive bias that causes individuals to attribute their successes to internal or personal factors while attributing failures to external or situational factors.

Aversive Prejudice

Subtle, often unconscious prejudice that manifests in avoidance of certain groups or individuals, without overt hostility or hatred.