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To What Extent Should We Embrace The Ideological Perspective(S) Reflected In The Source?

867 words - 4 pages

Individualism is the current of thinking that values the freedom and worth of the individual. The source from Adam Smith, states that individualism benefits humankind. The perspective of the source accepts and favours individualism but rejects collectivism because it calls for individualism as being a way for individuals to promote their self interests and to achieve an efficient economy. That a nation of individuals should not seek to make every one responsible for each other; but that individuals are only responsible for themselves. Supporters of individualism, like Adam Smith, see economic freedom as leading to the most efficient and beneficial economy for the greatest number of people, ...view middle of the document...

It refers to the regard for one’s own interest or advantage, especially with disregard for others or a personal interest or advantage. One does not expect them to prepare food or drink for us because they want us to eat. The baker wants to earn enough money to feed his family and buy the things he wants and the most effective way he has found to do that is to bake bread for you. In fact his bread has to be good enough and the service friendly enough that you are willing to give up your money freely in exchange for his bread. The baker while serving his self-interest has produced a good that is very valuable to you. The miracle of a market system is that self-interest produces behaviour that benefits others.
Sometimes self-interest can lead to price gouging, corruption or cheating, but most often it is held in check by competition. Because other self-interested people are competing in the marketplace, my self-interest is held in check. For example, the only way a baker would be able to earn his dollars is to produce bread that is better, cheaper or more convenient than the bread produced by the other bakers in town. If he was going to increase his price too much, people would likely buy bread from his competitors. If the baker would treat people poorly when they enter the store, then they would probably also buy from his competitors. And if his bread were mouldy or inferior in any way, then the people would for sure buy from his competitors. In order for the baker to earn money, he must provide a high quality good or service at a reasonable price....

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