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Adam Smith Essay Competition and Wealth of Nations
Adam Smith Essay Competition and Wealth of Nations
I believe that there is no economist who has influenced modern economic thought like Adam Smith.
Therefore, it was imperative that I read his magnum opus, The Wealth of Nations. I was particularly
intrigued by his belief that the state’s role in the economy shouldn’t extend beyond upholding law
and order, defence and basic public goods. This made me wonder whether this theory still stands, so
I took part in the Immerse Cambridge University essay competition, discussing Smith’s relevance
today, where I outlined the necessity of state intervention during the pandemic. In recognition of my
work, I was awarded a partial scholarship to the Summer School.
Combines the fact I’ve read Wealth of Nations, understood a key concept (but one which is less
often discussed, unlike self-interest argument) and managed to critique it, in a modern context to
such a level that I received a partial scholarship for it.
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After discovering that Smith’s economic philosophy included extensive discussion and endorsement
of state intervention in order, defence and other basic public goods in addition to his more well-
known exploration of markets and self-interest, I was fascinated enough to explore his
contemporary relevance in the ‘Immerse Cambridge’ essay competition, being awarded a
scholarship to the Summer School for my work.
Mentions that I’ve written it to a high enough level that I will attend an awards ceremony for it. Also
points out that I’ve read a book, which isn’t the most common piece in socialist literature and that I
also picked out a specific quote which sparked my interest in writing the essay.
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Marxism paragraph:
After reading The Communist Manifesto, I was convinced that Marx’s ability to intertwine
philosophy, politics and economics has set him apart from other intellectuals. His critique of the
immoralities that 19th century capitalism contained, such as the use of child labour – and his
assertion that a communist system wouldn’t exploit youths – is one of many examples of why he is
one of the most innovative thinkers in history. Once I read this, I decided to focus my HE+ project on
his Critique of the Gotha Program, in order to learn more about Marxism, specifically the
uncertainties of how needs and wants are managed in a Marxist utopia.
Points out how Marx combines all subjects in one and gives example from book where morality of a
capitalist system is called into question. As a result, it leads on nicely to how I’ve delved further into
Marxism by doing HE+ on him. This can then lead smoothly into discussing my EPQ, as from planning
research into Marxism, I have ended up focussing on the applications in the context of British
politics, as opposed to the applications in a hypothetical, Marxist system – as I did in my HE+ piece.
I found Clement Attlee’s introduction of the National Assistance Act 1948 to be the single most
influential way a government has spent its budget to achieve some kind of Marxism. I believe the
social safety net provided to the most economically disadvantaged citizens was the foundation of
applied Marxist theory in the form of a real modern welfare state.
Outlines my EPQ briefly and points out an example of my research in Attlee’s implementation of the
National Assistance Act 1948. It links on well from my initial reading and there is a continual theme
of Marxism throughout.
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Many influential thinkers themselves cross the three disciplines; Marx’s The Communist Manifesto
itself intertwines Philosophy, Politics and Economics, critiquing the ethics of 19 th century political and
economic structures, including their use of child labour in the name of economic efficiency. My wide
reading and general interest in Marxism formed the basis of both my HE+ project, in which I
explored the uncertainties inherent in managing needs and wants in a Marxist Utopia, and my EPQ,
where I explored the presence of Marxist thought and policy during post-war labour governments.
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Not too sure whether it is as clear as the previous two paragraphs. Might not really show the idea of
absurdity and identity, as there must be a great deal more explanation involved to truly show the
philosophical parts of the book.
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Baroness Pinnock Talk:
Harold Wilson said, “A week is a short time in politics.” I believe his comment on the intense and
ever-changing nature of politics has never been truer than it is today. The contemporary issues in
Britain today are some of the most salient issues in recent history amongst politicians and academics
alike. One of these topics is Brexit, which I discussed with Baroness Pinnock when I attended one of
her talks. I questioned her on whether the Liberal Democrats were fundamentally contradicting
liberal theory by campaigning to remain in the EU, when leaving would support the liberal belief in
decentralised governing bodies. Her explanation that today’s issues, especially ones concerning
immigration and COVID-19, need to be tackled as a collective of nations helped me understand the
importance of cooperation in a globalised political economy.
One of the longer paragraphs, so there is a concern that it goes into a vast description without saying
much impressive.
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In a Q&A, I asked Baroness Pinnock whether the Liberal Democrat’s support for ‘remain’
contradicted the classically liberal philosophy of small government. Her response - namely, that in
such a globalised political economy, issues such as immigration must be tackled collectively –
reminded me of the more complex relationship that cooperation and governance have with
individual freedom and liberalism.
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As Student Finance officer, I had the opportunity to apply both economic principles (such as
opportunity cost when considering budget allocation) and to consider philosophical approaches to
this allocation such as utilitarianism. I established a ‘skills for life’ scheme, where guests are invited
to teach students skills such as financial literacy.
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