Toward a Moral Economy Essay Example | Topics and Well Written Essays - 1500 words

Toward a Moral Economy - Essay Example fairish for the sake of their rights, some of the deal who were in favor of the justice and equality for exclusively raised their voices and thence the concept of moralistic economy were developed.There are different characteristics or the attributes, which can make any economy a moral and justified economy. The researchers are of the opinion that any economy can be perfect and moral just because of the implications and the practices in that particular duration. There are three main types of economies ground on the practices and the implications, i.e. Socialism, capitalism and the communism. Usually if we look over all the concepts and the attitudes of a socialist economy then we can say that socialism is the best moral economy.If we look at the historical perspectives of the disposal of a moral economy, the different sociologists have worked a lot on this discussion. The one common point of all the researchers is the basic foundation o f a moral economy. According to their point of view, the scotch activities influenced by the sentiments, values, norms, and opposite just thought patterns might contribute to make a moral economy. The contributions of different authors are discussed here in detailAdam Smith Adam Smith wrote two books containing great and inspirational concepts about the establishment of a moral economy. One book Wealth of the Nations is directly related to the ethical standards of an economy whereas the other book The Moral System gives a general frame work for the foundation of an economic system. In both of his books, Smith has tried to formulate general rules of justice and laws that should be implemented in an economic system. Adam Smith has even tried to pin point the process that can motivate the people to adopt ethical and moral laws so that they can work their best for the establishment of a moral economy at least on individual basis. Another high point of Smith writings is the formulatio n of two