Government

Marc-Aurelien Boulvert

The Wealth of Nations written by Adam Smith

Introduction

The Wealth of nations was published in 1776, in Edinburgh Scotland, by Adam Smith. He was a Scottish moral philosopher, pioneer of political economies and a key figure in the Scottish enlightenment. He is considered as the father of Economics. In the Wealth of Nations he created a plan for economic prosperity based on Human nature. Terms as the free market, the theory of supply and demand, "laissez-faire" economics policies are mentioned and explained for the first time in that book.

How did the Wealth of Nations impact the development of the U.S. government ?

First of all, Adam Smith and Ben Franklin were good friends, Smith sent every chapter to Franklin as soon as he was done writing them. Some believe that the Scottish enlightenment led by Adam Smith directly influenced the writing of the Declaration of Independence.


Free Market and Free Trade : These two theories were formed by Adam Smith. They are the basis of the capitalist system we live in today. Here's the definition of Free market : A marker econonomy based on supply and demand with little or no government control ("laissez-faire" economy policy). A completely free market is an idealized form of a market where buyers and sellers are allowed to transact freely. The free trade included the world import and export which is a huge part of the American economy which is controlled by the U.S. government

Accomplishments of The Wealth of Nations

  • Free market
  • Free trade
  • encouraged the 13 colonies to declare their independence
  • supply and demand theory

Citations :

  • "Adam Smith." Macmillan Encyclopedia of World Slavery. Ed. Paul Finkelman and Joseph Calder Miller. New York: Macmillan Reference USA, 1998. World History in Context. Web. 29 Sept. 2015
  • "Adam Smith Publishes The Wealth of Nations : 1776." Global Events: Milestone Events Throughout History. Ed. Jennifer Stock. Vol. 4: Europe. Farmington Hills, MI: Gale, 2014. World History in Context. Web. 29 Sept. 2015.
  • Nye, John V. C. "Free Trade, Theory and Practice." History of World Trade Since 1450. Ed. John J. McCusker. Vol. 1. Detroit: Macmillan Reference USA, 2006. 302-305. World History in Context. Web. 29 Sept. 2015.