Question

"The statesman who should attempt to direct private people in what manner they ought to employ their capitals, would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it."

Source: An Inquiry into the Nature and Causes of the Wealth of Nations

How does the view expressed in this excerpt compare with communist ideology?

Answer 1

Adam Smith's philosophy advocates for economic freedom and the market's invisible hand, in contrast to communist ideology, which calls for state regulation and redistribution to achieve a classless society.

Step-by-step explanation:

The excerpt from Adam Smith's An Inquiry into the Nature and Causes of the Wealth of Nations expresses a philosophy of economic liberalism wherein individuals are free to make their own economic decisions without state intervention. This view contrasts sharply with communist ideology, which espouses that the state should regulate the economy, with the aim of redistributing wealth to achieve a classless society. While Smith argued for the invisible hand of the market, where individuals acting in their own self-interest inadvertently promote the good of society, communism posits that such individualism leads to exploitation and inequality, necessitating state control to ensure fairness and equality.

Answer 2

This view differs from communism because it argues against government control of the economy.

Step-by-step explanation:

It is