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Essay / Research Paper Abstract
A 4 page paper which provides a summary of this landmark economic treatise. No additional sources are used.
Page Count:
4 pages (~225 words per page)
File: TG15_TGaswealth.rtf
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Unformatted sample text from the term paper:
of his revolutionary text, originally entitled Inquiry into the Nature and Causes of the Wealth of Nations (1776), it was the science of economics, not philosophy, which was forever changed.
This massive volume is actually five books in one, and is best understood within an historical context. During this period, the concept of capitalism was a radical one,
which was met with considerable disdain by conservative English economists. However, with The Wealth of Nations, Smith became capitalisms most eloquent spokesman. For Adam Smith, free trade was
not simply an economic principle; he believed that liberty could not exist without it. The free trade advocated by Smith was one that was, as the name implies, free
from government restrictions. In fact, throughout The Wealth of Nations, Smith articulates the message that government has no business regulating international trade. Needless to say, he was no
fan of the British system of imposing tariffs on exports. According to Smith, capitalism was as natural as breathing, "where every man was perfectly free both to choose what
occupation he thought proper, and to change it as often as he thought proper" (82). For any college student who is taking a course in economics, The Wealth of Nations
is required reading. It is the ultimate textbook, complete with detailed chapters on the division of labor, commodities pricing, free enterprise, wages and profits within a market economy, and
taxation. Although these notions have become accepted economic practices, when Smith first proposed them, they were considered extremely dangerous. How could the economy possibly regulate itself, critics (and
there were many) questioned? While the sheer length of The Wealth of Nations has intimidated more than a few readers over the past 200+ years, its basic premise is
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