Adam Smith Critique

Adam Smith is often believed to be an economist due to his theories on the economy but he was at heart a philosophical theorist. As we have learned in this course, Smith had theories about the way the economy worked but he attached these theories to human nature and how humans organize and make sense of the social world. In his book The Wealth of Nations Smith discusses the division of labour, and its relation to supply and demand. Additionally he discusses the innate nature of the desire for trade in stating that self-interest drives this urge, which has the potential to lead to problematic interactions amongst human beings if there is no order being followed. In essence Smith was interested in discussing the economic system as one, which could benefit people as well as one that had to be organized in a way so as to …show more content…
Through Smith’s lens individuals in society are expected, by their own self-interest, to be self-motivated to contribute to the economy, which in turn contributes to the growth of society. Smith’s perspective fails to recognize that they way that society has been set up innately favours some people over others. This fact is reflected in the stories within the Toronto Life article. It is evident that there is discrimination in the labour force as women; immigrants and people of colour continue to be under employed while white males rank at the top of the economic ladder. The article provides a subsection of the stories that are all too real within the current Canadian society. So while Smith would have critiqued the way in which the economy is not providing enough jobs for people he would have missed out on the core of what is causing the issue which is structural discrimination and oppression which limits people’s opportunities to engage in meaningful