Question

Use the following excerpt from Wealth Of Nations to answer the question below:

"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

The communist ideology basically advocates for the existence of a command economy, where the government (group of statesmen) decide how to allocate resources in order to produce the goods and services that they consider will satisfy the needs of the population.

Communism is the opposite of free market, and even though no country is 100% communist (not even North Korea or Cuba) and no country 100% free market, most countries lean one way or the other. Currently we can say that capitalism, which is the closest to a free market system, has won not only the ideological battle against communism but also the economic battle.

Basically the whole world embraces capitalism, and that is a great change from 30-40 years ago. The problem with communism is the existence of the "more equal people" who live like billionaires and enjoy the luxuries of the decadent western empire (AKA USA), while the rest of the population lives in absolute poverty. More than an ideology, communism was a business venture that created some of the most powerful individuals in the world while consuming a country's resources for the benefit of very few.

One thing is certain, the market knows better, and the involvement of the government in economics should always be limited to the bare essentials.

Answer 2

Find explanation below.

Step-by-step explanation:

Communism promotes the ideology that the resources and means of production in a society should not lie in the hands of a few, rather, it should be shared ownership among all in the society.

The excerpt from "An inquiry into the Nature and Causes of the Wealth of Nation", supports this communist ideology. This is why the article frowns against a statesman who seeks to direct private people on how they would utilize their capitals. This excerpt shows that a few people; be it a council or senate, should never be given so much influence on the common resources of people.

Communism proposes that it is through revolution that the bridge between the working class and the capitalist would be closed.