{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Aiden Meister - 1 In 1776 Adam Smith used the image of...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
1. In 1776, Adam Smith used the image of an “invisible hand” to describe capitalism. In 1920 Max  Weber described capitalism with the image of an “iron cage.” What are the most important  historical changes that account for this shifting perception? Are they economic, political,  cultural, or some combination of these elements? (Assume that the most significant factors  explaining this shift are not biographical differences between Smith and Weber.) Use one to  three assigned primary source readings in addition to the Smith and the Weber to support your  argument.  It is extremely important, if one is to discuss the transformation of capitalism from a  shining beacon of progress into shackles binding man to his work, to first examine the rise of  capitalism to prominence and its causes between 1776 and 1904-1905. Only then can a  discussion of the passage into what Weber called the “iron cage” of capitalism begin, and  through a logical system of step by step, cause and effect events and political, economic, and  social changes, we see that this changing perspective is logical though ultimately avoidable.   In 1776, Smith had developed a new and enlightening view into the necessities of  production and trade. Firstly, Smith looked at individual production over time, rather than  aggregate amounts produced. By focusing on the individual, rather then on the nation, as  economists had previously done, Smith was in effect tying the nations economy to its labor  force. This is important because it meant that to generate greater production and so greater  income for the country’s rulers, the people had to be treated better by the ruling class. It took  quite some time for this idea to take hold, but when it did, production skyrocketed. Also, by  adding a limitation to the time period within 
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
which production was measured, in this case annually, Smith linked further the people and the  economy; He was able to track production, rather than simply accept the resulting change in  national treasury monies. With production levels tracked from one year to the next, Smith was  able to see the effects of political, cultural, and climate changes on annual amounts produced.  This meant closer links between the people and the economy, as now everyone could see the  effects of their rulers on their own abilities to produce. 
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern