Adam Smith Essay Outline

Essay Outline

Intro- Basic background of Adam Smith, short summary of life and times. Political and economic status of 18^th century. Accomplishments and achievements (Wealth of Nations and other writings)

Body paragraph 1: Influence on modern day society. Economics (free market, competition, “invisible hand). Politics (limited government, regulations, subsidies, New Deal/Great Society and opposing movements, communism and socialism, conservative and liberal ideologies, American revolution, morality).

Body Paragraph 2: World without Smith. Economic/Political effects (command economy, state run monopolies, no competition, nationalization, no meritocracy, individual freedoms curtailed as state power expands). Historical effects (American Revolution, British economy, Russian revolution and cold war, communist expansionism).

Body Paragraph 3: Modern figure. Milton Friedman. Conservatism and advocates of the free market. Morality of laissez faire capitalism, deregulation and condemnation of subsidies. Outspoken proponent of economic and social freedom.

Conclusion: Magnitude of Smith’s contributions to America and to the world. Dismal outlook without him. Friedman and others carried on his legacy. World drastically altered by his ideas.