Throughout this article I found many economic concepts that pertained to Adam Smith as well as the growth and change of capitalism around the world. The first place in the article that I saw relate to capitalism was in the first paragraph when they were discussing where the company wanted to open its factory. The article states, “especially auspicious locations” This means a location where they are most likely to have success or in this instance make the most profit. This relates to our unit about capitalism because the main point of capitalism is to make a profit.
Next, the article talked about Foton putting up fences to keep out trespassers. This relates to the closure movement because just as the movement in the 1750’s-1850’s large pieces of land began to become closed for private use, and this negatively affected both the farmers of then and now who needed this land to graze their animals.
The next part that related to the terms we learned was the discussion about the Chinese government. The article states that the Chinese government do not allow …show more content…
Adam Smith believed that self interest was important to improving society because as people or companies are selfish with their own needs, they unintentionally push society forward and therefore in a better direction. This article relates to self interest because the reason Foton chose India to house some of its factories was because India could offer cheaper labor than China and therefore make more of a profit. Although it may seem like this only helps Foton, by having factories in India it can greatly help them to support the 13 million people entering their labor force every year, as well as reducing its unemployment in India's countryside. Therefore, although Foton is only attempting to act in their own interests in having factories in India, they are also unintentionally improving India’s economy as
Next, the article talked about Foton putting up fences to keep out trespassers. This relates to the closure movement because just as the movement in the 1750’s-1850’s large pieces of land began to become closed for private use, and this negatively affected both the farmers of then and now who needed this land to graze their animals.
The next part that related to the terms we learned was the discussion about the Chinese government. The article states that the Chinese government do not allow …show more content…
Adam Smith believed that self interest was important to improving society because as people or companies are selfish with their own needs, they unintentionally push society forward and therefore in a better direction. This article relates to self interest because the reason Foton chose India to house some of its factories was because India could offer cheaper labor than China and therefore make more of a profit. Although it may seem like this only helps Foton, by having factories in India it can greatly help them to support the 13 million people entering their labor force every year, as well as reducing its unemployment in India's countryside. Therefore, although Foton is only attempting to act in their own interests in having factories in India, they are also unintentionally improving India’s economy as