Book on Economic Development: The Wealth of Nations

The Wealth of Nations
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Author: Adam Smith (It is not an edited book)
Title: The Wealth of Nations
Year of publication: 2007
Place of publication: Petersfield, Hampshire, United Kingdom
Publisher: Harriman House Ltd
Number of pages: 745
Price: $26.00 (Paperback)
ISBN: 1-9056-4126-5
The Wealth of Nations
The "An Inquiry into the Nature and Causes of the Wealth of Nations,” book often known as "The Wealth of Nations," was initially released in 1776. Smith, a Scottish theologian by trade, wrote the book to explain the new structure of industrialized capitalism, which was replacing the old structure of mercantilism. An educated population was the focus of The Wealth of Nations. Smith tried to change the minds of businesspeople, intellectuals, and government officials who could affect the economy. Therefore, these are the individuals who would find the book beneficial.
Adam Smith’s Background
Adam Smith was a political economist best known for The Wealth of Nations (1776). Six months before Smith's baptism in Kirkcaldy on June 5, 1723, his father, who oversaw Kirkcaldy's traditions and had an unknown birthdate, passed away (Nekhaichyk, 2021). Smith attended Glasgow Campus to learn moral philosophy under Professor Francis Hutcheson (Nekhaichyk, 2021). Smith, who earned his postgraduate degree from Balliol College, alleged that his day’s Oxford University offered little assistance in pursuing his life's mission. (Smith, 2010). However, Smith taught at the University of Edinburgh when he returned to Scotland. According to Nekhaichyk (2021), the success of Smith’s “lecture series helped him earn a professorship at Glasgow University in 1751” (p.169). Finally, Adam became the Chair of Moral Philosophy and published most of his lectures.
Nekhaichyk (2021) asserts that in 1751, Smith was hired by Glasgow University to teach moral philosophy and logic. Adam’s themes included political economics, ethics, rhetoric, and "police and revenue." His 1759 “Theory of Moral Sentiments” book was influenced by his lectures at Glasgow University (Nekhaichyk, 2021). In his famous book, which explains moral judgment, Smith used eloquence to convince and base his argument on compassion (Smith, 2010). The focus on self-interest in “The Wealth of Nations” and compassion as the fundamental human goal has been fiercely debated. In the first, he talks about how human wants and actions work together in a way guided by Providence. Even though "the invisible hand" is supposed to bring people's interests together, Smith finds many more chances to discuss conflicts and human greed in the second book.
The Wealth of Nations' Main Objectives
The main idea behind "The Wealth of Nations" is that trade restrictions are unjustified and do not work; hence there must be freedom to trade. Everyone agreed that gold and silver were signs of wealth and that countries should increase exports while limiting imports to get the most out of their gold and silver (Smith, 2010). Smith had the groundbreaking idea that a nation's capital is simply the flow of goods and amenities it makes. The world today refers to it as the ...