An Analysis of Adam Smith's The Wealth of Nations

John Collins

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English

Macat Library
15 July 2017

History; Philosophy; Psychological theory & schools of thought; Study & learning skills: general; Political science & theory; Economics

Series: The Macat Library

Adam Smith’s 1776 Inquiry into The Nature and Causes of the Wealth of Nations – more often known simply as The Wealth of Nations – is one of the most important books in modern intellectual history.

Considered one of the fundamental works of classical economics, it is also a prime example of the enduring power of good reasoning, and the ability of reasoning to drive critical thinking forward. Adam Smith was attempting to answer two complex questions: where does a nation’s wealth come from, and what can governments do to increase it most efficiently? At the time, perhaps the most widely accepted theory, mercantilism, argued that a nation’s wealth was literally the amount of gold and silver it held in reserve. Smith, meanwhile, weighed the evidence and came to a different conclusion: a nation’s wealth, he argued, lay in its ability to encourage economic activity, largely without government interference.

Underlying this radical redefinition was the revolutionary concept that powered Smith’s reasoning and which continues to exert a vast influence on economic thought: the idea that markets are self-regulating. Pitting his arguments against those of his predecessors, Smith carefully and persuasively reasoned out a strong case for free markets that reshaped government economic policies in the 19th-century and continues to shape global prosperity today.

By: John Collins
Imprint: Macat Library
Country of Publication: United Kingdom
Dimensions: Height: 198mm, Width: 129mm,
Weight: 110g
ISBN: 9781912127085
ISBN 10: 1912127083
Series: The Macat Library
Pages: 89
Publication Date: 15 July 2017
Audience: General/trade , ELT Advanced
Format: Paperback
Publisher's Status: Active

Ways in to the Text Who was John Collins? What does The Wealth of Nations Say? Why does The Wealth of Nations Matter? Section 1: Influences Module 1: The Author and the Historical Context Module 2: Academic Context Module 3: The Problem Module 4: The Author's Contribution Section 2: Ideas Module 5: Main Ideas Module 6: Secondary Ideas Module 7: Achievement Module 8: Place in the Author's Work Section 3: Impact Module 9: The First Responses Module 10: The Evolving Debate Module 11: Impact and Influence Today Module 12: Where Next? Glossary of Terms People Mentioned in the Text Works Cited