Smith says in his explanation of “The Wealth of Nations” that self-interest is an important component of economics. He argued that with private individuals owing business instead of the government, an economy would gain the greatest financial reward and maximize the economic well-being of a society (“Invisible hand”). Through his series of explanations and ties to self-interest, we are introduced to a view of capitalism. He believed that private individuals should control most of the economy. Within his view on capitalism, we are introduced to Smiths promotion of a limited government. He believed that the people should hold more power than the government. This view, of course, fits in with his policies on self-interest. Smith also envisioned a world with a free market. He explained that governments should keep taxes low and allow free trade across borders by eliminating tariffs (Beattie).
Smiths document “The Wealth...
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... should operate, the world would be a largely different place today.
Beattie, Andrew. " Adam Smith And "The Wealth Of Nations" ." Investopedia.com - Your Source For Investing Education. N.p., 17 Apr. 2009. Web. 21 Sept. 2011.
"Grad Student Madness: Adam Smith "The Wealth of Nations" (1779)." Grad Student Madness. N.p., 14 Jan. 2007. Web. 21 Sept. 2011.
Moral, an "invisible hand" (a term first used in his Theory of. "Adam Smith Wealth Nations." faith vs reason debate spiritual insights quotations quotes aldous huxley perennial philosophy. N.p., n.d. Web. 21 Sept. 2011.
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