... the most successful economic system up-to-date, affecting the writing of all economic thinkers following him, most notably Marx and other socialist intellectuals. Smith's philosophy, as described in his book entitled Wealth of Nations (1776), is fairly straight forward to understand, yet has very powerful analyses of the capitalistic system of even today. His first premise was that increase in ... ...

• Word Count: 575
• Approx Pages: 2
• Grade Level: Graduate

... inertia) with the result that both the indigenous informal and the imposed formal constraints exert opposite polar pulls. Hence the lack of productive institutional development. "On no conclusion is this book more clear: Left to themselves, economic forces do not work out for the best except perhaps, for the powerful."...

• Word Count: 1646
• Approx Pages: 7
• Has Bibliography
• Grade Level: Graduate