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Adam Smith, a very influential eighteenth-century political economist, wrote, “By pursuing his own interest, he frequently promotes that of the society more effectually than when he really intends to promote it” (cited in Stiglitz & Rosengard, 2015, p. 62). Considering the quotation, in 1,250-1,500 words, address the following questions.
Describe what Smith meant by the “invisible hand.” How exactly does it function?
Describe how Smith’s work is a reaction to mercantilism, which dominated the seventeenth and eighteenth centuries. As a point of departure, define mercantilism.
Discuss if all 19th-century thinkers agree with Smith. How did, for instance, Karl Marx view the doctrine of laissez-faire? What were the inevitable consequences of such an economic system?
Discuss the influences of Smith and his critics, like Marx, reflected in the mixed economy of the United States today.
Use three to five scholarly resources to support your explanations.
Prepare this assignment according to the guidelines found in the APA Style Guide, located in the Student Success Center. An abstract is not required.
This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.
Rubric
Describe what Smith meant by the “invisible hand.” How exactly does it function?
5. Target
26 points
Description of what Smith meant by the “invisible hand” is clear, concise, and includes a scholarly description of how the “invisible hand” functions.
4. Acceptable
22.62 points
Description of what Smith meant by the “invisible hand” is present, clear, and includes a description of how the “invisible hand” functions.
3. Approaching
20.54 points
Description of what Smith meant by the “invisible hand” is present and includes a description of how the “invisible hand” functions.
2. Insufficient
19.24 points
Description of what Smith meant by the “invisible hand” is vague and inconsistent.
1. Unsatisfactory
0 points
Description of what Smith meant by the “invisible hand” is missing.
Reaction to Mercantilism
19.5 points
Criteria Description
Describe how Smith’s work is a reaction to mercantilism. As a point of departure, define mercantilism.
5. Target
19.5 points
Description of how Smith’s work is a reaction to mercantilism is clear, concise, and includes a scholarly definition of mercantilism.
4. Acceptable
16.97 points
Description of how Smith’s work is a reaction to mercantilism is present, clear, and includes a definition of mercantilism.
3. Approaching
15.41 points
Description of how Smith’s work is a reaction to mercantilism is present and includes a definition of mercantilism.
2. Insufficient
14.43 points
Description of how Smith’s work is a reaction to mercantilism is vague and inconsistent.
1. Unsatisfactory
0 points
Description of how Smith’s work is a reaction to mercantilism is missing.
Doctrine of Laissez-Faire
19.5 points
Criteria Description
Discuss if all 19th-century thinkers agree with Smith. How did, for instance, Karl Marx view the doctrine of laissez-faire? What were the inevitable consequences of such an economic system?
5. Target
19.5 points
Discussion of if all 19th-century thinkers agree with Smith is clear and concise. Scholarly discussion includes Marx’s view of the laissez-faire doctrine and the consequences of such an economic system.
4. Acceptable
16.97 points
Discussion of if all 19th-century thinkers agree with Smith is present and clear. Discussion includes Marx’s view of the laissez-faire doctrine and the consequences of such an economic system.
3. Approaching
15.41 points
Discussion of if all 19th-century thinkers agree with Smith is present and discussion includes Marx’s view of the laissez-faire doctrine and the consequences of such an economic system.
2. Insufficient
14.43 points
Discussion of if all 19th-century thinkers agree with Smith is vague and inconsistent.
1. Unsatisfactory
0 points
Discussion of if all 19th-century thinkers agree with Smith is missing.
Mixed Economy
26 points
Criteria Description
Discuss the influences of Smith and his critics, like Marx, reflected in the mixed economy of the U.S. today.
5. Target
26 points
Discussion of the influences of Smith and his critics are reflected in the mixed economy of the U.S. today is clear, concise, and connections to current research.
4. Acceptable
22.62 points
Discussion of the influences of Smith and his critics are reflected in the mixed economy of the U.S. today is present and clear.
3. Approaching
20.54 points
Discussion of the influences of Smith and his critics are reflected in the mixed economy of the U.S. today is present.
2. Insufficient
19.24 points
Discussion of the influences of Smith and his critics are reflected in the mixed economy of the U.S. today is vague and inconsistent.
1. Unsatisfactory
0 points
Discussion of the influences of Smith and his critics are reflected in the mixed economy of the U.S. today is missing.
Thesis, Position, or Purpose
9.1 points
Criteria Description
Communicates reason for writing and demonstrates awareness of audience.
5. Target
9.1 points
The thesis, position, or purpose is persuasively developed throughout and skillfully directed to a specific audience.
4. Acceptable
7.92 points
The thesis, position, or purpose is clearly communicated throughout and clearly directed to a specific audience.
3. Approaching
7.19 points
The thesis, position, or purpose is adequately developed. An awareness of the appropriate audience is demonstrated.
2. Insufficient
6.73 points
The thesis, position, or purpose is discernable in most aspects but is occasionally weak or unclear. There is limited awareness of the appropriate audience.
1. Unsatisfactory
0 points
The thesis, position, or purpose is not discernible. No awareness of the appropriate audience is evident.
Development, Structure, and Conclusion
10.4 points
Criteria Description
Advances position or purpose throughout writing; conclusion aligns to and evolves from development.
5. Target
10.4 points
The thesis, position, or purpose is coherently and cohesively advanced throughout. The progression of ideas is coherent and unified. A convincing and unambiguous conclusion aligns to the development of the purpose.
4. Acceptable
9.05 points
The thesis, position, or purpose is logically advanced throughout. The progression of ideas is coherent and unified. A clear and plausible conclusion aligns to the development of the purpose.
3. Approaching
8.22 points
The thesis, position, or purpose is advanced in most aspects. Ideas clearly build on each other. Conclusion aligns to the development of the purpose.
2. Insufficient
7.7 points
Limited advancement of thesis, position, or purpose is discernable. There are inconsistencies in organization or the relationship of ideas. Conclusion is simplistic and not fully aligned to the development of the purpose.
1. Unsatisfactory
0 points
No advancement of the thesis, position, or purpose is evident. Connections between paragraphs are missing or inappropriate. No conclusion is offered.
Evidence
6.5 points
Criteria Description
Selects and integrates evidence to support and advance position/purpose; considers other perspectives.
5. Target
6.5 points
Comprehensive and compelling evidence is included. Multiple other perspectives are integrated effectively.
4. Acceptable
5.66 points
Specific and appropriate evidence is included. Other perspectives are integrated.
3. Approaching
5.14 points
Relevant evidence that includes other perspectives is used.
2. Insufficient
4.81 points
Evidence is used but is insufficient or of limited relevance. Simplistic explanation or integration of other perspectives is present.
1. Unsatisfactory
0 points
Evidence to support the thesis, position, or purpose is absent. The writing relies entirely on the perspective of the writer.
Mechanics of Writing
6.5 points
Criteria Description
Includes spelling, capitalization, punctuation, grammar, language use, sentence structure, etc.
5. Target
6.5 points
No mechanical errors are present. Skilled control of language choice and sentence structure are used throughout.
4. Acceptable
5.66 points
Few mechanical errors are present. Suitable language choice and sentence structure are used.
3. Approaching
5.14 points
Occasional mechanical errors are present. Language choice is generally appropriate. Varied sentence structure is attempted.
2. Insufficient
4.81 points
Frequent and repetitive mechanical errors are present. Inconsistencies in language choice or sentence structure are recurrent.
1. Unsatisfactory
0 points
Errors in grammar or syntax are pervasive and impede meaning. Incorrect language choice or sentence structure errors are found throughout.
Format/Documentation
6.5 points
Criteria Description
Uses appropriate style, such as APA, MLA, etc., for college, subject, and level; documents sources using citations, footnotes, references, bibliography, etc., appropriate to assignment and discipline.
5. Target
6.5 points
No errors in formatting or documentation are present. Selectivity in the use of direct quotations and synthesis of sources is demonstrated.
4. Acceptable
5.66 points
Appropriate format and documentation are used with only minor errors.
3. Approaching
5.14 points
Appropriate format and documentation are used, although there are some obvious errors.
2. Insufficient
4.81 points
Appropriate format is attempted, but some elements are missing. Frequent errors in documentation of sources are evident.
1. Unsatisfactory
0 points
Appropriate format is not used. No documentation of sources is provided.