Political Science 1020E Lecture Notes - Lecture 16: Distributive Justice, Utopia, Social Evolution
15 Apr 2016
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Adam smith ( father of modern economics ) on capitalism: Defends competition between individuals in economic market place as long as it is fair and ef cient. Defended the invisible hand (it is as if an invisible hand is guiding all these disconnected self interested things towards the common good) We do not ask people to look out for the interests of others, we ask them to look out for their own self interests. Free trade bene ts everyone, generates economic prosperity thru division of labour, socialization, fairness, ef ciency, etc. Things the poorest need to survive will be cheaper. Free trade increases and promotes peace (international commerce creates a bond of friendship) allows us to see each other as potential trading partners, not enemies. Conducive to order, good government, liberty and security, fosters self reliance (which is one of the greatest human virtues) To defend the country against attack (physical security)
