1. Political Economy and Machiavelli's The Prince
Similar to an imperialist perspective of theorists such as Joseph Schumpeter, Machiavelli makes it notable that the purpose of a state colonizing other territories is to gain economic expansion and political power. ... Although Smith believes in free markets, he doesn't necessarily need the government to be inactive, but limited. ... However, Smith emphasizes on education as a public good. ... Smith also points out that wages are best regulated by supply and demand, but who controls wages? ... Unlike Adam Smith, Polanyi gives much credit to the state's role in the economy. ...
- Word Count: 1585
- Approx Pages: 6
- Grade Level: Undergraduate