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Disaster has struck. Over-fishing off the coast of Nova Scotia has led to a sharp decrease in the number of cod in the waters. This decrease in the fish population has sparked a recession of the entire fishing industry. People are now out of jobs and can no longer afford to provide their family with their basic needs of life. Luckily, I have devised three solutions using the philosophies of Adam Smith, Karl Marx, and John Maynard Keynes. Which solution will yield the best results for the problem? My first solution is from the philosophy of Adam Smith. Smith would create a solution from a Capitalistic point of view. This solution would let people work things out for themselves. The people could meet their family’s need for food by fishing independently with a small boat, and cooking up what they catch. They could also rationalize the food that they have so it will last longer. With the high cost of housing, people could decide to downsize their current home for something smaller. Some people will go out and find jobs locally on their own. Others may decide to move away so they can continue to fish in a different location. Maybe they could move to Maine and learn how to catch lobsters. After a few days of lobster catching, it could be like second nature. With a limited income, the families would benefit from coming up with a budget to keep track of expenditures. This solution relates to the philosophy of Adam Smith because he felt that the government should not intervene with the problem. He thinks that if the people are left alone, they will fend for themselves by getting their own food and finding jobs on there own. He would say that people will fight to survive and they wont just curl up and die after they lose there jobs. The next proposed solution would be from the philosophy of Karl Marx. Marx would devise a solution from a communistic prospective. With this solution, the government would take total control of the problem at hand. The government would decide who would get to fish and who wouldn’t. The government would give people money or food to meet their immediate needs. Even though the people lost their jobs they would still be paid. The government would find everyone a new place to work and train them accordingly for the position. Paying the mortgage is no longer a problem because the government owns your house. This relates to Karl Marx’s philosophies because he thinks that capitalism will not meet the needs of the people.
Approximate Word count = 1694
Approximate Pages = 6.8
(250 words per page double spaced)
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