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Social Welfare in China - Book Report/Review Example

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Social Welfare in China

He states over here that different individual although may appear working for their interest, but, at the end of the day are contributing for the welfare of the society. Looking at the above mentioned concepts it may be safe to assume that China, by devaluing its currency Yuan, is not only working for the benefit of its own but also for the welfare of the society. The argument that goes into this are:-
1. China by devaluing Yuan has provided a platform that the customers across the world have access to relatively cheaper products. This has gelled perfectly with the policy of Smith in working for the benefit of customers every time. We can safely assume here is China, by providing cheaper goods to the customers is providing the basic facilities of good food, shelter and clothing directly or indirectly to each and every individual across different nations. Three decades of uninterrupted economic growth and five years of double-digit increase in output has made China as an unstoppable force. Already the fourth-biggest economy in the world, China is becoming one of the largest trading nations.
"When the quantity of any commodity which is brought to market falls short of the effectual demand, all those who are willing to pay... cannot be supplied with the quantity which they want... Some of them will be willing to give more. A competition will begin among them, and the market price will rise... ...Show more

Summary

Adam Smith clearly justified that the interest of consumer be given the priority over the interest of producer and if the interest of producer has to be attended, that interest should be helping to work for the interest of consumer in some way or the other.
Author : kuhnnick
Social Welfare in China essay example
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