Compare the trade approach of Adam Smith to William McKinley

Adam Smith, a great social scientist was referred as father of the liberal capitalism. Adam always had unique principles and beliefs on the politics and has a great manifesto of a trade approach that has greater impact on manufacturing. There were many critiques made on Adam Smith’s trade theories that they are totally applicable to the consumers but not to the companies or dealers.. Magarac an interviewer raised a question to Adam to specify his opinion on trade manufacturing (Adam Smith, 1776). Adam Smith was a free trader in life and Adam proposed many theories that are incorporated with core concepts of trade manufacturing Adam even argues that trade process is associated with various key social, economic and technological factors that highly influence the consumers and companies. Especially the traded agricultural goods are having negative impact on the consumers because the costs of the products are creating additional burden to the customers.

This process is even leading to monopolies of the products that initiated the manufacturers to become competitive and reliable. This causes trouble for the people involved as profits do not come their way fairly. Free Trading is the best approach suggested by me because it leads to internal development of the country that is even supported by governing bodies with certain trade rules and regulations. Adam even supported McKinley’s control towards the monopolistic prices and on the other hand, Adam criticized McKinley’s approach towards monopolies of protective tariffs. Adam’s free trade approach was criticized by many markets and governing practioners that implementation of free trade process leads to mutual understanding issues among the countries and even reduces the employment rates of local people residing in other countries. Even though there are many critiques and debates on trade free approach, still Adam argues that people can build wealth when they are trade free (Adam Smith, 1776). Trade Approach of McKinley

McKinley is a greatest individual referred to as “apostle of protectionism” and proposed a key approach called protectionism. McKinley strongly supports trade approach for the economic growth and development of the country that is entirely controversial to the trade free approach of Adam Smith (McKinley, 1889). The protectionism is the process aligned with economic policies that are used to manage the trading of goods and products between two states and countries incorporated with certain government rules and regulations. McKinley says that every individual in their life needs some traded goods and products certainly. But McKinley strongly argues that is aim is to make economic developments in America trough trade approach (Adam Smith, 1776). McKinley strongly believes that every country needs trade manufacturing of goods and products in different sectors for overall country development but Adam opposed this statement. McKinley strongly believes that trade has a greater impact on the country economy because most of domestic individuals, dealers as well as the companies will be benefited with the traded goods.

Many capitalists across America abused the protectionism approach of trade, but McKinley was successful in controlling the monopolistic prices that are being initiated while performing trading process between the countries. The protectionism process was criticized by many practioners but still McKinley showed some examples of trade impact on American economy in the year 1898. Trade manufacturing approach can lead to key changes in the competitiveness of the country that makes it stronger in terms of economic, social, cultural and technological factors. McKinley argues that trading is happened to be one of the best approaches available for Americans to make themselves employed and engage themselves in building a successful economical country.

Finally McKinley supports the protectionism trade manufacturing approach for better economic growth and development in America. Both individuals have their own factors for positive and negative impact of trade on the economy of the country. Adam supports trade free approach for better economic development in the country and contrary, McKinley is reinforcing the protectionism approach of trade for better development of economic factors across the country (McKinley, 1889). When comparing the trade approaches of Adam Smith and McKinley, it has been clearly identified that trading process was criticized by Adam and supported by McKinley

References

1. Adam Smith, Wealth of Nations, [originally published in 1776], (Prometheus Books: New York, 1991).2. Skrabec Jr., Q.R. Interview with the Titans of
business, chapters 4 and 5. http://findlay.learninghouse.com/pluginfile.php/23932/mod_resource/content/1/Real_Titans.pdf3. McKinley’s (1889) acceptance speech for the Republican nomination.