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Essay / Research Paper Abstract
This 3-page paper applies Adam Smith's theory of laissez faire to the United States and Haiti. Bibliography lists 2 sources.
Page Count:
3 pages (~225 words per page)
File: AS43_MTthirecon.rtf
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Unformatted sample text from the term paper:
asked to select a first world country, and to apply that same economic theory to it. The countries well focus on are Haiti (Third World) and the United States (First
World). The economic theory applied to both nations will be Adam Smiths Laissez Faire theory, also known as the so-called "invisible hand" theory. The main aspect behind the laissez faire
theory is that peoples pursuit of their own self-interest will help manipulate markets that benefit all (Adam Smith Laissez Faire, 2008). However, he points out, similar pursuits initiated by the
government dont necessarily lead to the same conclusion (Adam Smith Laissez Faire, 2008). In fact, he notes, the more the government interferes (for the "public good") the more negative impact
it is likely to have on the economy overall (Adam Smith Laissez Faire, 2008). Smiths theories do have some exceptions, however - one
of which is militarism of the nation-state (i.e., if the state needs to defend itself) (Adam Smith Laissez Faire, 2008). Another exception is regulation of bank paper and "compulsory registration
of mortgages" (Adam Smith Laissez Faire, 2008). This latter is somewhat interesting, given the fact that it was deregulation of the mortgage industry that led to the sub-prime mortgage growth
which, in turn, led directly to the economic crash in the United States. Lets apply Adam Smiths theory about self-interest and markets to
a country like Haiti. Haiti is the poorest country in the Western Hemisphere - approximately 80% of the population lives under the poverty line (Haiti, 2010). Two-thirds of the Haitian
economy is dependent on agriculture, which is mainly small-scale subsistence farming that is vulnerable to damage from natural disasters such as tropical storms and earthquakes (Haiti, 2010). Haiti suffers from
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