Unequal Distribution of Wealth Essay - 792 Words

First and foremost, Adam Smith was very conscious of how the wealth was unequally distributed amongst the poor versus the wealthy, and how and if this distribution continued it would leave the poor at a disadvantage, in the sense they will never have the opportunity to move ahead and will always be at the mercy of those who possessed more wealth. Mr. Smith viewed economics contrarily than the mercantilist. Compared to the days of old, the views of economics and mercantilism based wealth on the amount of gold and silver the nation provided, and how the import of goods from other countries would adversely affect the wealth of a country, as the reality was, trade was notably one-sided, it only benefited the seller and not the buyer, and it†¦show more content†¦Smith’s â€Å"invisible hand† most certainly distributed wealth unequally. His belief; was derived by the thought of unequal distribution of wealth was necessary, in order for the nation to function as it sh ould. He felt that if wealth was regulated in any kind of way, people wouldn’t have a reason to want to learn, seek new opportunities or open new businesses if there was a set amount of wealth. It has been proven Adam Smith at times would contradict himself, it didn’t mean he didn’t know what he was talking about, it simply meant he was desperate to find everyone a better way of life, this is an every growing problem even in today’s society, trying to keep a balance between classes without harming one economic class versus another. (Smith, 1776). Adam Smith’s beliefs of inequality always was a point of discussion, he may have had a different type of delivery but nevertheless the message was always the same. As we compare Adam Smith’s era with today’s period, inequality is on a much larger scale than it ever was in Mr. Smith’s days, and the main reason is because of the growth of Globalization. Mr. Smiths fundamental approach to economic development and satisfying everyone’s wants and needs cannot be considered in todays world. Trying to make an effort to show how the division of labor would satisfy the basic needs is no longer practical when we realize that today a great portion of our salaries are going towards health care and housing. The power to putShow MoreRelatedUnequal Distribution Of Wealth1477 Words   |  6 PagesThe unequal distribution of wealth has always been a huge problem that has plagued society throughout the ages. As forms of governments of each nation have changed, the u nequal distribution of wealth has remained a constant. Even in Communist countries, which were supposed to eliminate this problem by abolishing the private ownership of land, the unequal distribution of wealth was still a problem in their society. It is difficult for society as a whole to make advancements, because of the unequalRead MoreUnequal Distribution of Wealth Essay1487 Words   |  6 Pagesthe country’s wealth. Wealth can be defined as a person’s assets and monetary gains. This unequal distribution has caused numerous economic and geographical problems, such as how resources are divided among countries, how developed or industrialized a country is in relation to wealth distribution and the wide spread of disease and lack of medical attention due to an absence of money. In this paper I will address the negative and positive aspects associated with wealth distribution. I will explainRead MoreUnequal Distribution Of Wealth, Unethical Behavior949 Words   |à ‚  4 PagesBesides unequal distribution of wealth, unethical behavior may arise due to imbalance knowledge. Asymmetric information is perceived to be the root of unethical behavior (Kolb, 2008). 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