by Adam Smith
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It is in Books IV and V of The Wealth of Nations that Adam Smith offers his considered response to the French Physiocrats, perhaps the first great school of economic theorists, and assesses the nature of the mercantile system, particularly the colonial relationship with America, whose achievements could have been even more spectacular if conditions of free trade and economic union had existed. Even on the eve of the Declaration of Independence, Smith famously predicted that America "will be one of the foremost nations of the world." It is also here that he develops the case for a limited state role in economic planning, notably to combat market failure and induce efficiency in areas such as education, public works, justice, and defense. His pioneering analysis still provides many subtle and penetrating insights into one of today's most vital and controversial policy debates.
Edited with an Introduction and Notes by Andrew Skinner
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Average Customer Review:
6 of 11 people found the following review helpful:
Prosperity or poverty. Smith vs Marx, 2001-11-26
Adam Smith like Marx sees changes in the economic system as a logical, inevitable sequence of events. For example the power of the landed aristocracy declined as a consequence of the increasing importance of the towns. Good government was a result of this decline as people that had worked on the estates in conditions close to slavery moved to cities where they had considerable freedom. The difference between Marx and Smith is that Smith considered all of these changes leading to steady improvements whereas Marx considered the results of capitalism and industrialisation and urbanisation disastrous. Marx living about one hundred years later than Smith. The system had not produced wealth for all as Smith foresaw. Smith believed that if governments would refrain from interfering in the economy prosperity would increase for all. Marx considered that a revolution whereby the capitalist class would be eliminated and private property is abolished a necessary consequence of the exploitation of the workers. Smith believed the opposite in that private property was the main driving force for progress. Their analysis of the historical development looking at it now shows many serious mistakes. However many more of the ideas of Adam Smith are still valid in hindsight than those of Marx. Somewhat surprising both being persons with interest in morality do not ascribe any importance to that subject. Both are imprisoned by the concept that "mechanical" or systemic changes in society can explain changes in the economic system. Many economists to day still fall in the same trap. They do not believe that moral standards can play an important role in the development of economic system. They therefore typically reject new developments such as "socially responsible investing ". Like "Capital" of Marx, the "Wealth of Nations" presents many interesting facts about for example the near slavery conditions in the large agricultural estates throughout Europe. This information is a good antidote to the romantics that believe conditions in the countryside in the past were very pleasant. The Wealth of Nations is lucidly written and shows quite clearly the dependence of wealthy creation on essential but minimal government.
3 of 7 people found the following review helpful:
A Winner!, 2000-04-05
This book is a classic of economic thought!
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