Hamilton and the Wealth of Nations
By: Caleb Stewart
What is the wealth of nations
The wealth of nations is an Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the magnum opus of the Scottish economist and moral philosopher Adam Smith.
How Alexander Hamilton used the Wealth of Nations
Hamilton's next report was his Report on Manufactures. Although he was requested by Congress on January 15, 1790 for a report for manufacturing that would expand the United States' independence, the report was not submitted until December 5, 1791. In Hamilton's summary of the Physiography doctrine follows Adam Smith closely. In the report, Hamilton quoted from Wealth of Nations and used the French physiocrats as an example for rejecting agrarianism and the physiography theory; respectively. Hamilton also refuted Smith's ideas of government noninterference, as it would have been detrimental for trade with other countries. Hamilton next subjects Adam Smith's admission of the superior productiveness of agriculture to a criticism which detects a fallacy often since commented upon. Hamilton believed that agriculture was the source of all wealth. Hamilton was able to create the bank because of his implied powers.