Why The United States Can Make Any Toys With Greater...

The United States can make certain toys with greater productive efficiency than can China. Yet we import those toys from China. However the main reason why the U.S. has become so dependent upon China for goods is that production costs are less in China than the U.S. Reduced production costs are so attractive to companies the benefits of low-cost production are passed on to customers with lower prices on goods the relationships U.S. companies have with China are important because of the variety of products available from China. Adam Smith born in 1723 was a Scottish political economist and philosopher famous by his influential book The Wealth of Nations. Smith proposed in his book that a nation’s wealth should be judged not by this metric but by the total of its production and commerce. Smith wrote in his book that that productive labor should be made even more productive by deepening the division of labor. Smith describes the evolution through feudalism into a stage of societ y requiring new institutions, such as market-determined rather than guild-determined wages and free rather than government-constrained enterprise. If a foreign country can SUPPLY us with a commodity cheaper than we ourselves can make it, better buy it of them with some part of the produce of our own industry, employed in a way in which we have some advantage. Relationships with China have proved profitable for some major U.S. corporations. One of the reasons that the U.S. has become so dependentShow MoreRelatedFord Marketing Plan11940 Words   |  48 PagesObjectives Page X Market 1 Page X Market 2 Page X Market 3 Page X Manufacturing Market Page X * 4. Page 1 Executive Summary * 5. 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