... do not perform tasks out of some altruistic need to serve the public, but rather out of self-interest. Smith elaborates on this when he notes, "It is not from benevolence of the butcher, or the baker that we expect our dinner but from their regard to their self interest- ... to it that the producers of society heed society's demands for the quantities of goods it wants."" (Pg 56). This concept seems to be common sense. Basically this citation means that if goods are in higher demand, there will be a greater supply of them. For example, if the public ... under communism. Under Smith's sys...

• Word Count: 1956
• Approx Pages: 8

The west was economically advanced because of the Industrial Revolution. This is due to two factors stated in the lecture notes. The two factors were the creation of a capitalist economic system and an industrial mode of economic production. Capitalism helped the economy advance because it allowed free enterprise which created a greater ... feel loyal to their society. Also many of the other types of governments in non-western countries were very unstable and this caused them not to advance in the political sense because there was always a struggle to gain supremacy of one's country. The wes...

• Word Count: 337
• Approx Pages: 1
• Grade Level: Undergraduate