Author: Adam Smith was Scotsman from Kirkcaldy, born on June 5, 1723. The father of political economy, Smith was a true enlightened thinker and a well liked educator and philosopher, and he was a key figure in the Scottish Enlightenment. Smith was educated in moral philosophy at the University of Glasgow, being one of the first students to benefits from scholarship funds. Eventually, Smith's lectures became so popular that he was appointed a professor of moral philosophy at the University of Glasgow in 1751. Smith also spent a decent amount of time travelling Europe with the third duke of Buccleuch.
Context: Written over 10 years and published in 1776. "The Wealth of Nations" was written during the height of the Enlightenment in Europe, a time of philosophy and changing ideals on the continent.
Summary:
Human Nature and the Division of Labor: In this section, Smith asserts that men need to become more independent. He states that men should stop relying on each other for advantages and lead a more independent life. He also states that it is good to support local butchers, brewers and bakers, but that it should be more for their own regard than for their advantages.
The Invisible Hand: In this section Smith states that each man, by ensuring his own gain, is "led by an invisible hand to promote an end which was no part of his intention."
Unreasonableness of Restraints: Smith states that competition among nations in regards to economy and trade is not good for the nations. He feels that it would be better to rid nations of corrupt leaders and have all notions get along. He feels that this peace would make trading easier and bring increased prosperity to nations.
Key Quote:
"It is not from the benevolence of the butcher, the brewer or the baker, that we expect our dinner, but from the regard of their own interest."
"This very competition, however, is advantageous to the great body of the people, who profit greatly besides by the good market in which the great expense of such a nation affords them in every other way ...."
The document "The Wealth of Nations" is highly based of individuality and being led by the invisible hand. Adam smith made himself an iconic figure by writing "The Wealth of nations" because it was the first of its kind. The period it was written in highly relied on rationality and was based around lazzies faire which limited government and increased the individuals power. The PDP was great and i really loved the detail you took. The only thing i would possibly do differently is to widen the amount of information in the context because that helps us to understand the topic a little bit before reading it.
ReplyDeleteAnother quote to consider: "As every individual...endeavors as much as he can both to employ his capital in the support of domestic industry, and so to direct that industry that its produce may be of greatest value...he is in this led by an invisible hand to promote an end which was no part of his intention."
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