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This 9 page paper discusses the economic theories of Adam Smith and David Ricardo and the major differences between them. It argues that though there were different in many respects, with regard to international trade their thinking was almost identical. Bibliography lists 4 sources.
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File: D0_HVSmiRic.rtf
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between them. Adam Smith Adam Smith argued, in general, for an "unregulated economy: the less government interferes with business the more prosperous the nation will be, runs this theory" (Brians,
1998). Smith was not an "absolutist" since he understood that not all tariffs could be abolished, but he "generally opposed restrictions on international trade" (Brians, 1998). Smiths theories are still
very much with us, and have been used to argue in support of such measures as the North American Free Trade Agreement (NAFTA) and the General Agreement on Tariffs and
Trades (GATT) (Brians, 1998). Smith explains his thinking in the Wealth of nations, a seminal book that many consider to be the foundation of economics. In it, Smith explains the
effect of tariffs on trade and why they are not a panacea for all societys problems. He writes (Brians has an excerpt from Smiths book on his site) that either
by completely prohibiting importation of those goods that are also produced at home, or by subjecting them to high tariffs, "the monopoly of the home-market is more or less secured
to the domestic industry employed in producing them" (Brians, 1998). At times, placing a high tariff on certain goods is tantamount to prohibiting their import completely (Brians, 1998). This is
good for the people who work in those industries (Smith mentions corn, wool, silk and linen), but not for everyone equally; Smith writes that the monopoly thus engendered "frequently gives
great encouragement to that particular species of industry which enjoys it ... But whether it tends either to increase the general industry of the society, or to give it the
most advantageous direction, is not, perhaps, altogether so evident..." (Brians, 1998). Smith also points out that although it may be possible for one country to make something, it doesnt
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