Essays on Wealth Of Nations

“Wealth of Nations” is a thought-provoking read on economics, and it is one that challenge readers. Moreover, reading the book, has helped me to look deeper into my own political philosophies. Now, I am also one that believes in free trade as well, or the avoidance of economic discrimination. What this reading has helped me to see, is that these issues of free trade have only grown more severe over the past three centuries. Now, what interested me about Smith’s points, is that the issues of economics are more complex than meet the eye. One way that Smith ...

Problem Statement

There are a number of reasons, defined by the ethical as well as the economic and the political scenes, for the non-diminishing interest in addressing the gap between the rich and the poor. "The rich get richer and the poor get poorer" is an aphorism, which outlines the major views on economic inequality and the criticism, seen in academic and business literature, towards the philosophy of free market and capitalism in general. One of the principal works, laying the foundation for the discussion, is the work by Thomas Piketty, Capital in the Twenty-First Century (2014), who places the idea ...

Capitalism has come a long road before becoming the dominant social order on the planet. Adam Smith was one of the first economists to fully describe the benefits that free market capitalism can bring. Moreover, he was the first to systematically analyze the main economic categories such as wages, labor, profit, rent, population, demand, and supply. His work Wealth of Nations was groundbreaking, and he is considered one of the fathers of capitalism not without a reason. In this work, I will show that Adam Smith succeeds in his criticism of mercantilism and governmental market regulations and proves that ...

Classical economics also known as liberal economics was first developed by the father of economics, Adam Smith. His book "An Inquiry into the Nature and the Causes of the Wealth of Nations" was written in 1776. This period is considered as the beginning of classical economics. Adam Smith contributed to economics with his moral thought. He has given our capitalist economy a different form. But Karl Marx first used the term classical economics . He was the most influential thinker and most controversial in his time. He was a great philosopher, social scientist and revolutionary. He is the main person ...

Adam Smith

Adam Smith

Personal Background

Adam Smith was born in 1723 in Kirkcaldy in Scotland and was raised by his widowed mother. Adam Smith’s educated began at a local district school. In the year 1737, Smith was sent to the Glasgow College, later he also studied at the Baliol College in the Oxford University. Smith graduated with an extensive understanding of European literature and started to hate the school of English thought. In the year 1751, Smith was hired by the Glasgow University as the professor of logic. In the year 1752, Smith transferred to the moral philosophy. Smith’s lectures ...

Adam Smith:

Adam Smith was born in Scotland June 16, 1723. He is one of the most revered personalities in the history of the United States (Hanley 40). After the age of 15, he joined Glasgow University where he commenced his philosophy studies. Adam Smith later attended Oxford’s Balliol College in the 1740s. After graduating, he traveled extensively across Scotland, lecturing the public on his economic philosophy. He was a strong believer in the free market economy, which he considered as a system of natural liberty. The Wealth of Nations remains one of the Smith’s most famous works in ...

BRICS effect on global capitalist economy

The debates about the increasing role of emerging economies became more vigorous since the global financial crisis that became a start for a new global framework with the developing countries surfacing as a major hub. The most attention is given to the economies of Brazil, Russia, India, China and the South Africa (BRICS) that had demonstrated high growth during the last decade against the global recession. The future dominance of the BRICS may shift the economic center towards the multipolar model. Changes in the matrix of competitive forces (finance, resources, technology) lead to a decline in the economic, political ...