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An Inquiry Into The Wealth Of Nations By Adam Smith

798 words - 4 pages

40 years after the publication of Adam Smith’s “An Inquiry into the Wealth of Nations” during the early 19th century, the rivalry between the Capitalists and the Landlords was at its peak. Thomas Robert Malthus had lived through two conflicts one the Industrial Revolution, and the Control of landowners over Parliament. Malthus wrote an essay on the theory of population where he challenged England’s poor laws. On the other hand David Ricardo believed that the Malthusian position regarding the Corn Laws was wrong as Ricardo believed that countries don’t benefit from protectionist policies like the Corn Laws; however, they benefit from trade and globalization. In a protectionist society, ...view middle of the document...

This would sustain British agricultural prices at a high rate and assure continuation of the equally high incomes that landlords had enjoyed throughout the war years.” (Hunt Pp. 72) Malthus was pro Corn Laws and wanted to ban their imports as he believed that the economy needed to be protected and self-sufficient. Malthus sided with the landlord and he believed that if price of food increased then more people would starve and die which is a good thing for the economy to protect its natural resources. Malthus is willing to prevent development to achieve stability; he also believed that no social harmony could come from trade or exchange. On the other hand, Ricardo was against the Corn Laws, he believed that if Country A had a comparative advantage in a certain product over Country B then Country B should stop producing that product and start importing it from Country A, as throughout time resources would become depleted and there would be a shift from fertile lands to less fertile lands which would decrease production;
hence efficiency. Ricardo sided with the Capitalists, as he advocated for competition and the incentive to work, Ricardo believed that trade and exchange would benefit the society as a whole, as the presence of trade would increase profits and decrease rents and cause social harmony. Neoclassical theory advocates free trade,...

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