The Canadian Economy- Smith or Marx Theory? Essay Example
The economic concepts that were visualized by Adam Smith and Karl Marx lead to the idea that Canada fits towards both quite well. Their concepts are reflected quite clearly in the economic situation of Canada, and the theories of both can be applied. In a way, both Marx and Smith would be pleased with the economy of Canada, as it lends to their ideas and presents a positive economy for Canadian residents. While some may argue that Canadian economy should be a bit more as their southern neighbor the United States, it is also argued that Canada's mixed economy provides a perfect blend of corporate and government responsibility.
When it comes the Smith's theories, the one that stands out the most would be his theory of the "invisible hand". This "hand" controlled the economy by driving prices down through competition and resources. This metaphorical "hand" exists today in Canada, as the citizens benefit from variety. The variety of products and services available almost always leave room for an alternative, which is what, in effect, forces prices to be lower. Canada's "invisible hand" may take the modern form of technology, as it affects the means by which products are produced. If for instance, a new mode of manufacturing Product A is formulated, and it allows Product A to be manufactured at a lower price, then the price of Product A will be cheaper. This causes the competitive price to drop, which allows consumers to benefit from lower prices. The division of labour does exist, however not to the intensity Smith stated in his theory. In companies today, there is a specialization of a sort to specific positions, but usually it is not to one specific task, but to an area. There are, however, exceptions, such in factory work, when an employee may do the same job for a long period of time. The specialization of workers is, in fact, a management technique. Fredrick Taylor, occasionally called the "father of scientific management" developed the concept that for every
When it comes the Smith's theories, the one that stands out the most would be his theory of the "invisible hand". This "hand" controlled the economy by driving prices down through competition and resources. This metaphorical "hand" exists today in Canada, as the citizens benefit from variety. The variety of products and services available almost always leave room for an alternative, which is what, in effect, forces prices to be lower. Canada's "invisible hand" may take the modern form of technology, as it affects the means by which products are produced. If for instance, a new mode of manufacturing Product A is formulated, and it allows Product A to be manufactured at a lower price, then the price of Product A will be cheaper. This causes the competitive price to drop, which allows consumers to benefit from lower prices. The division of labour does exist, however not to the intensity Smith stated in his theory. In companies today, there is a specialization of a sort to specific positions, but usually it is not to one specific task, but to an area. There are, however, exceptions, such in factory work, when an employee may do the same job for a long period of time. The specialization of workers is, in fact, a management technique. Fredrick Taylor, occasionally called the "father of scientific management" developed the concept that for every