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Adam Smith had a high opinion of capitalism, despite his low opinion of capitalists. How does this relate to the difference between systemic causation and intentional causation?
Adam Smith was of high opinion of capitalism. He postulated about the invisible hands doctrine which docyrinated that there are invisible hand in the markets, so that there is no overproduction or glut in a market economy. He had also advocated on Laissez faire principles which states that there should be nil or least interference of the government with respect to market mechanism. He pointed out that any inequality be ween supply and demand is a temporary phenomenon. In the long run there is always a tendency towards equlibrim. This is his idea about systemic causation. With regard to international causation he advocated a theory of international trade which is known as “Theory of Absolute Cost…

antage” . This theory states that cost of production constitutes to be the determining factor with respect to production of a good. He explained that if there are two countries and two countries produce two goods with varying cost conditions. Then a country would specialize in the production of that good in which it has absolute cost advantage and import the the good from other country in which it has cost disadvantage, This was his idea on international causation. .


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