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To What Extent Should We Embrace the Ideological Perspective(S) Reflected in the Source?

In: Social Issues

Submitted By happylove
Words 851
Pages 4
Individualism is the current of thinking that values the freedom and worth of the individual. The source from Adam Smith, states that individualism benefits humankind. The perspective of the source accepts and favours individualism but rejects collectivism because it calls for individualism as being a way for individuals to promote their self interests and to achieve an efficient economy. That a nation of individuals should not seek to make every one responsible for each other; but that individuals are only responsible for themselves. Supporters of individualism, like Adam Smith, see economic freedom as leading to the most efficient and beneficial economy for the greatest number of people, because it encourages competition and they assume that people generally act in their own self- interest. We must embrace the source to a great extent and view individualism as an ideology that benefits the whole economy. Individualism emphasizes independence and individual achievement. It promotes self-expression, individual thinking and personal choice. It is also associated with private property and individual ownership. And it stresses competition as a means of achieving collective goals. In the late 1700s, physiocrats began to question the mercantile system and believed that the economy could exist without government controls or interventions. The perspective of Adam Smith in the source clearly favours a free market system. Adam Smith wrote “The Wealth of Nations” where he proposed and supported the free market economy. The free market system is an economic system that operates with limited government intervention. In a free market system, questions regarding production and pricing of goods and services are decided through free interaction of producers and consumers. It is also known as capitalism and economic freedom. In the source, Adam Smith used self-interest as a…...

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