Checks And Balances And Market Economies Essay

938 Words Feb 19th, 2016 4 Pages
Checks and Balances and Market Economies
During early development of the United States, many great men proclaimed their beliefs on how the newly established country should operate. Adam Smith, a popular economist in the late 1700s, wrote An Inquiry into the Nature and Causes of the Wealth of Nations, and James Madison, an influential federalist, is known as the Father of the Constitution. These revolutionary men imagined the United States in similar ways even though they focused on different aspects. Smith was interested in establishing a market economy, and Madison concentrated on limiting the power of the federal government by checks and balances. Although different, Adam Smith’s ideology about market economies overall parallels with Madison’s concept of checks and balances within our United States Federal Government because they both include specialization, self interest, and the roles competition.
The first connection between the organization of market economies and checks and balances result in the management within the systems. James Madison, along with Adam Smith, both bring in the idea of specialization. James Madison assured the emphasis of groups having their own roles when explaining factions, he stated, “but the great security against a gradual concentration of several powers in the same department, consists in giving to those who administer each department the necessary constitutional means and personal motive to resist encroachments of the other.” Madison is…

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