Transcription of A Moderate Compromise-Chapter 6 - International …
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A Moderate Compromise-Chapter 6 - International …
A Moderate compromise : Economic Policy Choice in an Era of Globalization (Excerpt) - by Steve Suranovic (Palgrave McMillan, 2010) Chapter 6 - The Pursuit of Profit Economists and others, who support globalization, tend to look favorably upon profit seeking by firms. Neoclassical economic models are built on the assumptions that firms maximize profit and consumers maximize utility. Adam Smith s famous passage about the butcher, brewer and baker is often used to suggest that self-centered, even egoistic, profit seeking behavior can have positive effects for the economy. Smith said, It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest.
In the past, land and capital ownership was concentrated in the hands of a small wealthy minority. The image of a capitalist, typified in political cartoons of the late 19th century, was once a heavyset, cigar-smoking, railroad tycoon, holding bags of money and
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