Laissez-Faire Essays - Classical Liberalism, Economic Liberalism

Laissez-Faire Essays - Classical Liberalism, Economic Liberalism Laissez-Faire Explaining a Concept: Concept of the Invisible Hand in a Laissez-faire economy By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of it. Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations 1776. What business does a government have in commerce and trade? Why would a government want to interfere between two countries benefiting from each other by trade? What right does the government have in two individuals wanting each others products or services? According to some, commerce and trade should be permitted to operate free of controls of any kind; there should be no tariffs or other barriers. This is where the term laissez-faire is introduced. Its direct translation in French, leave alone to do, is self-explanatory. A strong believer in this type of economics is Adam Smith, both a philosopher and an economist. Born on 1723 in Kirkcaldy, Fife, he studied at Oxford, and became a professor of logic at Glasgow (1751), but took up the chair of moral philosophy the following year. In 1776, he moved to London, where he published An Inquiry into the Nature and Causes of the Wealth of Nations (1776), the first major work of political economy. This examined in detail the consequences of economic freedom, such as division of labor, the function of markets, and the international implications of a laissez-faire economy. Adam Smith is most remembered today for his explanation of our market system. A majority of people saw confusion when they observed economic activity in England during the middle of the 18th century. They saw everyone doing whatever they pleased and deemed necessary. Businesses produced whatever they wanted to make. Consumers purchased whatever they wanted to buy. No one told anyone what had to be bought and what had to be sold especially the government. And yet, somehow, businesses seemed to be providing the goods and services that consumers wanted and needed. Some might have called it luck; Adam Smith called it an invisible hand. And today, it is considered the laissez-faire economy. The invisible hand is a term for the unseen process of co-ordination which ensures consistency of individual plans in a decentralized market economy (Pearce, 220). Adam Smith introduced this phrase in his book, An Inquiry into the Nature and Causes of the Wealth of Nations (Book IV, Chap. II), who stressed the role that the invisible hand played in attaining a harmony of interests. Imagine this invisible hand suspended above everyone. This invisible hand encourages businesspeople to pursue profits and it pushes consumers to buy goods and services. And at the same time, that invisible hand discourages government from directing the economic activity. This invisible hand that Adam Smith refers to as a guiding force was the people and their attitudes. It all started with profit-seeking individuals. Using self-interest to feed their drive, people started businesses. When a business would become successful, others would notice and enter into the same field. As a direct result, growing consumer demand was satisfied while competition controlled rising prices. As demand grew, businesses were established in which workers shared tasks. This is called division of labor, in which one worker handled the first stage, another the second, and a third finished the product. The result was mass production, more efficiency, and lower costs. Mass production meant that people no longer had to grow there own food and remain on the farm; there would be enough to supply a large workforce. Paying all those laborers resulted in an army of consumers with money to spend. Adam Smith argued that an individual acting purely out of self-interest, would be a progressive force for the maximization of the total wealth of a nation. The role of the government should be permissive, creating a legal defensive setup sufficient to allow individual action. Interference with the free working of this natural order will reduce the growth of wealth and misdirect

How to Read an Italian Menu

How to Read an Italian Menu If you’ve been to northern regions, like Milan, and the south of Italy, like Cosenza, you know that the items on restaurant menus won’t be similar and, depending on where you’ve chosen to eat, may be written in an Italian that isn’t so standard. That’s because each region of Italy, and oftentimes, individual cities, have their own piatti tipici, or traditional dishes. What’s more, sometimes the same thing can be called different things from the north to the south, like how the popularly-known is called schiacciata in Tuscany. Despite the variations you will most definitely encounter, there are some standards that you can learn about in advance when it comes to eating in Italy, and more specifically, being able to read an Italian menu. In this quick guide, we’ll go through the types of restaurants in Italy, how make a reservation, the order of Italian dishes during a meal, how to ask for the bill, and a few other cultural tidbits that may be useful for you. Types of Restaurants in Italy Autogrill - Roadside snack bar Pizza al taglio - Shop that sells slices of pizza cut by how much you want. Tavola calda - Informal restaurant, like a cafeteria as you often order buffet-style. Osteria - Informal restaurant, like a diner. Trattoria - Medium-priced restaurant that’s often family-run. Ristorante - Restaurant. You can learn some vocabulary that’s specific  to the dining experience here. If you want to learn some phrases that will help you find the most authentic restaurants and get the best recommendations, explore our article on Italian phrases thatll allow you to experience authentic Italian food. How to Make a Reservation While it’s not common practice to make reservations at all restaurants in Italy, it is recommended at places that tend to be busier or are the pià ¹ gettonate, the most popular. Youll, of course, have to know some common Italian phrases and how to say the time in Italian for this. To make a reservation for two people at 8:00 PM, use this phrase: Vorrei fare una prenotazione per due, alle otto. Order of Italian Dishes In Italy, dishes are usually served on separate plates in a specific order. In order of appearance on a typical menu there is: Lantipasto, which literally means before the meal and includes hot and cold appetizers, such as crostini  and  bruschetta.Il primo, or first course usually consisting soup.Il secondo, or second course, and is the main course.Il contorno, or side dish, which consists of vegetables such as (eggplant), (spinach), or (mixed salad).Il dolce, or dessert, which includes such favorite sweets as  tiramisà ¹, torta della nonna  (custard shortbread pie), or (custard of egg yolks with wine and brandy). Get the Bill (Or Should You Leave a Tip?) To ask for the bill, say: Il conto, per favore. Unless you ask, it’s not likely that they’ll bring the check to you. When it comes to tipping, by Italian law, gratuity is included in the bill, and extra tipping isnt necessary. Remember that a coperto - a cover charge - is included as well. If the service warrants it, feel free to leave your waiter a little extra. If you want the waiter to keep the change, say: Tenga pure il resto. Extra Tips In Italy, those milky concoctions - cappuccino and caffà ¨ latte - are consumed only at breakfast, so before 11 AM.Al dente means to the tooth, or slightly chewy. It is used to describe pasta and rice. The inside should be somewhat crisp-tender.Italians often say Buon appetito! or Enjoy your meal when the first course is served, and Salute! or To your health when toasting with a drink.Most likely you will have to purchase water. You’ll have a choice between bubbly water - frizzante or con gas - or regular water - liscia or naturale.