In a formal essay, compare two sources, (from class) that are from two different time periods. It is suggested that one source is from the 1700s/1800s and another is from 1900s/2000s. Explain how these sources relate to each other. Explain the time period in which each of these sources were written. (This is historical context.) Do these sources show a change over time, or no real change?

QUESTION

In a formal essay, compare two sources, (from class) that are from two different time periods. It is suggested that one source is from the 1700s/1800s and another is from 1900s/2000s. Explain how these sources relate to each other. Explain the time period in which each of these sources were written. (This is historical context.) Do these sources show a change over time, or no real change?

You will be graded on the following:
1. Use of two sources from class.
2. Accurate and in-depth description of sources.
3. Placing the sources within their time period. (historical context). Not treating the source like it is a present-day source. Not treating something from 1900 like it is from 1800, etc.
4. Comparison of sources in a way that takes into account the historical period of the sources.
5. Discussion of whether these sources show historical change or not.
6. Include an introduction and conclusion.
7. Use of a paragraph structure that is organized. Generally, one main idea per paragraph.
8. Demonstrate knowledge of your topic.
9. Demonstrate knowledge of this course.
10. Paper is 3-4 full pages, 12 point font, double spaced.
11. Use basic citations, stating what source is used.
12. Use a page number citation when quoting or referring to an idea from a source.

Note: This is not a paper where you advocate for certain rights or viewpoints, or debate things like abortion, for example. This is a paper that is about history and historical change.

ANSWER

A Comparative Analysis of Historical Sources: Unveiling Change Over Time

Introduction

The study of historical sources allows us to delve into the past, uncovering insights into the evolution of societies over time. By examining two sources from different time periods, this essay aims to explore the historical context and draw comparisons between them. The selected sources are representative of the 1700s/1800s and the 1900s/2000s, shedding light on the changes that have occurred throughout history. By analyzing these sources, we can ascertain whether there has been a significant transformation or a lack thereof within the examined themes.

Source 1: “The Wealth of Nations” by Adam Smith (1776)

Adam Smith’s seminal work, “The Wealth of Nations,” epitomizes the economic theories prevalent during the 18th century. Written during the era of Enlightenment, Smith explores the concept of laissez-faire capitalism, advocating for free trade, minimal government intervention, and the self-regulating power of the market. Smith’s ideas challenged the mercantilist practices of the time, emphasizing the benefits of competition, specialization, and division of labor (Wikipedia contributors, 2023).

Historical Context

“The Wealth of Nations” emerged amidst the backdrop of the Industrial Revolution, a period marked by significant economic and social changes. This era witnessed the shift from agrarian societies to industrialized economies, fueled by technological advancements. Smith’s work reflected the growing interest in economic principles as nations sought to navigate this transformation.

Source 2: “The Great Transformation” by Karl Polanyi (1944)

Karl Polanyi’s work, “The Great Transformation,” provides a critical perspective on industrialization and capitalism’s social and economic consequences. Written in the aftermath of the Great Depression and on the brink of World War II, Polanyi analyzes the commodification of labor, land, and money within the framework of a market society. He argues that unfettered market forces pose risks to society, leading to the disintegration of social relationships and the destabilization of communities.

Historical Context

Polanyi’s work emerged during a time of profound socio-economic upheaval. The 20th century witnessed the rise of capitalism to unprecedented heights, accompanied by significant social and political changes (Karl Polanyi; the Great Transformation and a New Political Economy, n.d.). The Great Depression exposed the flaws of unregulated markets, prompting scholars like Polanyi to reevaluate the role of the state in mitigating economic instability and ensuring social welfare.

Comparison and Historical Change

The comparison between Smith’s “The Wealth of Nations” and Polanyi’s “The Great Transformation” reveals contrasting perspectives on the role of markets and state intervention in society. Smith’s emphasis on free markets and limited government intervention aligns with the prevailing economic thought of his time, emphasizing individual liberty and self-interest as drivers of economic growth.

In contrast, Polanyi challenges the notion that markets are self-regulating and advocates for the protection of social and human rights within the economic system. His work reflects a growing concern about the social and ecological consequences of unbridled capitalism and highlights the need for state intervention to safeguard collective well-being.

The sources demonstrate a significant change over time in the understanding of economic systems. While Smith’s ideas laid the foundation for classical liberalism and laissez-faire capitalism, Polanyi’s work emerges as a response to the negative consequences of such an approach (THE THEORETICAL FOUNDATION OF INDUSTRIAL RELATIONS AND ITS IMPLICATIONS FOR LABOR ECONOMICS AND HUMAN RESOURCE MANAGEMENT on JSTOR, n.d.). The shift from the 18th-century optimism in the invisible hand of the market to the 20th-century recognition of market failures and the need for social protection underscores the evolving understanding of economic systems and the role of the state.

Conclusion

By analyzing Adam Smith’s “The Wealth of Nations” and Karl Polanyi’s “The Great Transformation,” we have explored the historical context and drawn comparisons between these two sources. The examination of these works highlights the changing perspectives on economic systems and state intervention over time. While Smith’s ideas represent the prevailing economic thought of the 18th century, Polanyi’s work reflects the concerns arising from the social and economic transformations of the 20th century. These sources demonstrate that historical change has indeed taken place, as scholars have increasingly recognized the need to balance market forces with social considerations. Through the lens of these historical sources, we gain valuable insights into the evolution of economic thought and its impact on societies throughout different time periods.

References

Karl Polanyi; The Great Transformation and a new political economy. (n.d.). University of Warwick. https://warwick.ac.uk/newsandevents/features/polanyi/ 

THE THEORETICAL FOUNDATION OF INDUSTRIAL RELATIONS AND ITS IMPLICATIONS FOR LABOR ECONOMICS AND HUMAN RESOURCE MANAGEMENT on JSTOR. (n.d.). https://www.jstor.org/stable/20789056 

Wikipedia contributors. (2023). The Wealth of Nations. Wikipedia. https://en.wikipedia.org/wiki/The_Wealth_of_Nations