Adam Smith's Inquiry Into The Wealth Of Nations
Adam Smith, aged 67, has passed away. This proud Scotsman was born in 1723, worked as a professor in Glasgow, Scotland. He blessed the world with new ways of thinking for the modern world. Our beloved Adam would take the accepted practice of “mercantilism,” and propose a radical change of direction for the economy. He joined his fellow Enlightenment colleagues in their belief in the power of the people. Adam believed that the practice of mercantilism was holding the country back. While Great Britain sought to protect its wealth from that of its rivals, it was limiting its own citizenry from flourishing. Tariffs, navigation acts, labor and manufacture regulations only preserved current wealth. It also limited the peoples’ access to a broader
…show more content…
He would present his economic theories in the “Inquiry into the nature and Causes of the Wealth of Nations,” which he wrote in 1776. The Wealth of Nations would propose that the government should limit its involvement in the larger economy. He argued that the restrictions to trade should be lifted, and the people allowed to drive demand. Adam believed that given the chance, the citizens of the world would help grow the economy by spurring demand. The overall belief in freedom led Adam to be a proponent of this “Lassez-Faire” economic theory (Text Pg. 654). Adam was not, however, simple minded. He believed that the government had its place in providing limited services, and even business ventures in order to safeguard the public’s interest. Projects, such as roads or the military, needed to be controlled by the government. Mankind, Adam believed, had come a long way. Another with others, Adam believed in the “Four-Stage Theory” of mankind. The collective belief was that the people were once barbarians, but were now civilized (Text Pg. 654). Human beings progressed from being hunter/gatherers, then developed herds, which led to agriculture, and culminated with us becoming a commercialized civilization. Adam believed that we, as Europeans, had come to master the commercialized civilization, and should be proud. His belief was that we needed to spread this knowledge to the
He would present his economic theories in the “Inquiry into the nature and Causes of the Wealth of Nations,” which he wrote in 1776. The Wealth of Nations would propose that the government should limit its involvement in the larger economy. He argued that the restrictions to trade should be lifted, and the people allowed to drive demand. Adam believed that given the chance, the citizens of the world would help grow the economy by spurring demand. The overall belief in freedom led Adam to be a proponent of this “Lassez-Faire” economic theory (Text Pg. 654). Adam was not, however, simple minded. He believed that the government had its place in providing limited services, and even business ventures in order to safeguard the public’s interest. Projects, such as roads or the military, needed to be controlled by the government. Mankind, Adam believed, had come a long way. Another with others, Adam believed in the “Four-Stage Theory” of mankind. The collective belief was that the people were once barbarians, but were now civilized (Text Pg. 654). Human beings progressed from being hunter/gatherers, then developed herds, which led to agriculture, and culminated with us becoming a commercialized civilization. Adam believed that we, as Europeans, had come to master the commercialized civilization, and should be proud. His belief was that we needed to spread this knowledge to the