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The Humanistic Tradition By Gloria Fiero's Chapter Summary

analytical Essay
727 words
727 words
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In the Humanistic Tradition the author, Gloria Fiero introduces Adam smith as a Scottish moral philosopher, pioneer of political economy, and a key figure in the Scottish Enlightenment. Smith also known as the Father of Political economy, is best known for one of his two classic works An Inquiry into the nature and causes of the Wealth of Nations. Fiero looks at Smith’s work because the division of labor is important. One thing Smith thinks is even more important for creating a wealthy nation, is to interact and have open trade with different countries. Fiero states,“It is necessary, though very slow and gradual, consequence of a certain propensity in human nature which has in view no such extensive utility; the propensity to truck, barter, …show more content…

In this essay, the author

  • Analyzes how gloria fiero introduces adam smith as a scottish moral philosopher, pioneer of political economy, and key figure in the scottish enlightenment.
  • Opines that trading is the key to modern wealth. to create a wealthy nation people must have open trade with other countries.
  • Explains that capitalism is an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
  • Analyzes how adam smith's wealth of nation review, written by donald white, focuses on labor and trade.
  • Explains that smith doesn't think that free trade is a problem, stating that countries can trade with each other when they do not have the resources or capacity to satisfy their own needs and wants.
  • Explains how smith makes it ideal for countries to interact and trade. trade means you get more direct workers into jobs in which they have a comparative advantage.

In the article White states, “Agriculture was the chief source of wealth during the third quarter of the eighteenth century. Commerce was second (principally the re-export of colonial tobacco, sugar, and Indian cotton) while manufacturing may have been in a temporary decline in terms of relative importance. Smith wrote before the mechanization of the cotton industry, the growth of the factory system, and the large accumulations of capital via the joint stock company.” A joint stock company is a company whose stock is owned jointly by the shareholders; capitalism. Trade tends to be the main importance of smith’s novel. On the …show more content…

He says you can always import the stuff and re-export it to other countries and still make a profit. Countries trade with each other when, on their own, they do not have the resources, or capacity to satisfy their own needs and wants. This also benefits a mass amount of people and business by supporting more productive, higher paying jobs. Trade keeps the economy competitive and ensure that there will be business with other countries.
As you can see, labor and trade are the key importance to modern wealth. Production and trade are not just needed but are essential for a country to survive. Smith makes it ideal for countries to interact and trade. Trade means you get more directs workers into jobs in which they have a comparative advantage, which means more

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