Economic Liberalism

Economic Liberalism - 1 Adam Smiths Wealth of Nations 1776...

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1. Adam Smith’s Wealth of Nations 1776 1. Most influential book of modern economic history 2. Not an American, from Scotland, but came from the same cultural environment as Americans. Reading same books, same hair—same cultural world 3. 1776-right when the American colonies were having Revolutionary war, throwing off British rule, independence 4. Economic ideas were highly influential to North American—the US is a nation that was born into liberalism from the very beginning, embraced and advocated liberal philospophy=WESTERN CIVILIZATION 2. Division of Labor 1. Specialization 1. Benefits—largest amount of goods and services using the least amount of goods—efficiency. 1. Pg 127 2 nd paragraph “great increase in the quantity of work…capable of performing” 2. If specialize and divide labor, they can accomplish a lot more 3. Increase of dexterity if you are specialized; be very good at your task. 4. Automation-machines facilitate and abridge labor, not only humans but by machines as well. 2. Drawbacks—workers are limited to what they can do and can only do one job. 3.
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Economic Liberalism - 1 Adam Smiths Wealth of Nations 1776...

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