J. W. Smith
Encyclopedia
J. W. Smith is an independent
economist
with a PhD
in Political Economics
from Union Institute and University, Cleveland, Ohio
. Smith has written six books on the elimination of poverty
and war
, and Smith also founded and presides over the Institute for Economic Democracy to promote theories
and research
regarding economic democracy
.
Independent (politician)
In politics, an independent or non-party politician is an individual not affiliated to any political party. Independents may hold a centrist viewpoint between those of major political parties, a viewpoint more extreme than any major party, or they may have a viewpoint based on issues that they do...
economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
with a PhD
Doctor of Philosophy
Doctor of Philosophy, abbreviated as Ph.D., PhD, D.Phil., or DPhil , in English-speaking countries, is a postgraduate academic degree awarded by universities...
in Political Economics
Political economy
Political economy originally was the term for studying production, buying, and selling, and their relations with law, custom, and government, as well as with the distribution of national income and wealth, including through the budget process. Political economy originated in moral philosophy...
from Union Institute and University, Cleveland, Ohio
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
. Smith has written six books on the elimination of poverty
Poverty
Poverty is the lack of a certain amount of material possessions or money. Absolute poverty or destitution is inability to afford basic human needs, which commonly includes clean and fresh water, nutrition, health care, education, clothing and shelter. About 1.7 billion people are estimated to live...
and war
War
War is a state of organized, armed, and often prolonged conflict carried on between states, nations, or other parties typified by extreme aggression, social disruption, and usually high mortality. War should be understood as an actual, intentional and widespread armed conflict between political...
, and Smith also founded and presides over the Institute for Economic Democracy to promote theories
Theory
The English word theory was derived from a technical term in Ancient Greek philosophy. The word theoria, , meant "a looking at, viewing, beholding", and referring to contemplation or speculation, as opposed to action...
and research
Research
Research can be defined as the scientific search for knowledge, or as any systematic investigation, to establish novel facts, solve new or existing problems, prove new ideas, or develop new theories, usually using a scientific method...
regarding economic democracy
Economic democracy
Economic democracy is a socioeconomic philosophy that suggests a shift in decision-making power from a small minority of corporate shareholders to a larger majority of public stakeholders...
.
Economic Democracy
Economic Democracy, which he describes as "a more cooperative and democratic capitalism", is a term used in many of Smith's writings. He claims the world is in a cycle of "plunder by trade" and is therefore locked into a cycle of violence and war. The three main points he proposes for the removal of poverty around the world are:- Eliminate the monopolization of land, technologyTechnologyTechnology is the making, usage, and knowledge of tools, machines, techniques, crafts, systems or methods of organization in order to solve a problem or perform a specific function. It can also refer to the collection of such tools, machinery, and procedures. The word technology comes ;...
, and financeFinance"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
capital and equalize pay for equally productive work, both within internal economies and between trading nations. - Once all nations and all people have access to technology and their labor is paid equally for equally productive work, the buying power of labor in different nations, and within nations, will equalize.
- Eliminating those monopolies will instantly distribute a share of the wealth to all members of society even as economic efficiency increases and produces more wealth.