An Inquiry into the Nature and Causes of the Wealth of Nations

An Inquiry into the - An Inquiry into the Nature and Causes of the Wealth of Nations Smith Adam Published 1776 Categories(s Non-Fiction Political

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: An Inquiry into the Nature and Causes of the Wealth of Nations Smith, Adam Published: 1776 Categories(s): Non-Fiction, Political science, Science Source: http://en.wikisource.org 1 About Smith: Adam Smith FRSE (baptised June 5, 1723 O.S. / June 16 N.S. – July 17, 1790) was a Scottish moral philosopher and a pioneering political eco-nomist. He is also the founder of economics. One of the key figures of the intellectual movement known as the Scottish Enlightenment, he is known primarily as the author of two treatises: The Theory of Moral Sen-timents (1759), and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter was one of the earliest attempts to systemat-ically study the historical development of industry and commerce in Europe, as well as a sustained attack on the doctrines of mercantilism. Smith's work helped to create the modern academic discipline of eco-nomics and provided one of the best-known intellectual rationales for free trade, capitalism, and libertarianism. Adam Smith is now depicted on the back of the Bank of England £20 note. Source: Wikipedia Note: This book is brought to you by Feedbooks. http://www.feedbooks.com Strictly for personal use, do not use this file for commercial purposes. 2 Introduction and plan of the work The annual labour of every nation is the fund which originally supplies it with all the necessaries and conveniencies of life which it annually con-sumes, and which consist always either in the immediate produce of that labour, or in what is purchased with that produce from other nations. According, therefore, as this produce, or what is purchased with it, bears a greater or smaller proportion to the number of those who are to consume it, the nation will be better or worse supplied with all the neces-saries and conveniencies for which it has occasion. But this proportion must in every nation be regulated by two different circumstances: first, by the skill, dexterity, and judgment with which its labour is generally applied; and, secondly, by the proportion between the number of those who are employed in useful labour, and that of those who are not so employed. Whatever be the soil, climate, or extent of territory of any particular nation, the abundance or scantiness of its annual supply must, in that particular situation, depend upon those two circumstances. The abundance or scantiness of this supply, too, seems to depend more upon the former of those two circumstances than upon the latter. Among the savage nations of hunters and fishers, every individual who is able to work is more or less employed in useful labour, and endeav-ours to provide, as well as he can, the necessaries and conveniencies of life, for himself, and such of his family or tribe as are either too old, or too young, or too infirm, to go a-hunting and fishing. Such nations, however, are so miserably poor, that, from mere want, they are fre-quently reduced, or at least think themselves reduced, to the necessity sometimes of directly destroying, and sometimes of abandoning their in-...
View Full Document

This note was uploaded on 01/16/2011 for the course BUS 5300 taught by Professor Weglarz during the Spring '10 term at Detroit Mercy.

Page1 / 836

An Inquiry into the - An Inquiry into the Nature and Causes of the Wealth of Nations Smith Adam Published 1776 Categories(s Non-Fiction Political

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online