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Essay / Research Paper Abstract
A 6 page paper which critically describes and examines the text, provides author biographical information as relevant to enhancing the reader's understanding of the book and offers an appraisal based on the author's aims and purposes.
Page Count:
6 pages (~225 words per page)
File: TG15_TGaswon.rtf
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Unformatted sample text from the term paper:
greeted with universal acclaim and reverence. In fact, quite the contrary, more than a few critics of his era seriously questioned the sanity of the Scottish political philosopher.
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 distain by conservative English economists. What is now required reading of all college students of economics, The Wealth of Nations has become so important, it
has solidified the authors reputation as "the most influential political thinker of the modern world" (Frum 14). It is subdivided into detailed chapters on the division of labor, commodities
pricing, free enterprise, wages and profits within a market economy, and taxation. The text, though a bit cumbersome at nearly 600 pages, is actually based on a ridiculously simple
premise: The natural economy, as it exists, is stimulated by human greed. In The Wealth of Nations, Smith theorizes that if everyone is allowed to freely participate in the
economic process, which amounts to promoting his own best interests, the economic direction will be pointed by an "invisible hand" (351), which will lead to prosperity for all citizens, rich
and poor. He coined his approach to free trade "laissez-faire," which is a French term for letting business do as it pleases. 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, and repeatedly throughout The Wealth of Nations, Smith states that government has no business regulating international trade. To say that he was no admirer of the
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