Governments In The Canadian Ec Term paper
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Governments play a big role in our economy today. From environmental rules to price regulations, it is generally assumed that governments are needed to keep the economy moving. It was Adam Smith who first challenged the thoughts of government in the economy. His theory was that an economic system functions best when there is no interference by government. This theory was known as "laissez-faire" or "let things be." Smith concluded that the capital follows its most lucrative course. It is based on the belief that "the natural economic order tends, when undisturbed by artificial stimulus, to secure the maximum well being for the individual and therefore for the community."1 Laissez-faire is basically the doctrine that government should almost always leave people alone and let them do as they please, as long as they respect the personal and property rights of others.
Although Smith strongly supported this theory, he did not believe in it absolutely. He believed that there should be no government intervention except in three cases. "The only time that governments should intervene is with defense, justice, and certain public works."2
Smith believed that the production and exchange of goods, and a rise in the general standard of living could only be attained through private industrial and commercial businessmen, with minimum government control. He believed that any further government intervention would affect the major aspects of a market economy, such as competition.
"Adam Smith believed that human progress could only be possible in an economy where everybody follows his or her own self-interests."3 The general argument was that individualism would lead to more order and progress within the community. In order to make money, people will produce things that they know other people want, or need. When the consumer and the seller meet in the market, a pattern of production develops that result in social harmony. Therefore, through self-interest the producer is motivated to produce that which society wants. Thus the consumer rules the market and not the producer.
In the case of perfect competition, Smith's theory works flawlessly. But if one or a few companies have cornered the market, his theory is useless. This is known as a monopoly, or oligopoly. A monopoly can be best described as a situation in the marketplace where one, or a very few companies exist with very few, or even no competitors. Adam Smith was against monopolies and stated that government makes only those regulations which would stop companies from gaining significant competitive advantage...
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