The Wealth of Nations by Adam Smith: THe Beginning of Capitalism

explanatory Essay
1948 words
1948 words

The first and most basic economic principal that needs to be understood is that God owns everything (Sproul, 2014). God created everything and He chose man to manage all that is His (Sproul, 2014). There has always been a strong connection between economics and Christian thought (Anderson, 2001). Scriptures will help evaluate the very foundation of each economic theory (Anderson, 2001). The free enterprise system has provided the greatest amount of freedom and the most effective economic gains of any economic system ever devised (Anderson, 2001). In 1776, Adam Smith created a publication called “The Wealth of Nations,” which was the beginning of Capitalism (Anderson, 2001). His theory stated that the wealth of nations could be increased by allowing the individual to seek their own self-interest and removal of governmental control over the economy (Anderson, 2001). There are three major points for the theory of capitalism. The first system was based upon the observance that people are motivated by self-interest (Anderson, 2001). The second premise was the acceptance of private property, which would be owned and freely traded in a market system (Anderson, 2001). Gains for exchanges of property creates incentive and become the driving power behind capitalism (Anderson, 2001). Lastly, the theory stated that it would be ideal to minimize the role of the government. The idea was to decrease the role of the government and increase free market (Anderson, 2001). Capitalism has a number of advantages that have liberated economic potential and provided a foundation for a great deal of political and economic freedom (Anderson, 2001). However, the down side of capitalism is that it can lead to monopolies (Anderson, 2001). Chr... ... middle of paper ... ... 24). Local Economic Statistics and Indicators. Retrieved from Siskiyou County Economic Development. (2011, July). Analyzing The Economic Impacts of Job Creation in the Siskiyou County Enterprise Zone. Retrieved from University System of Georgia (USG). (2014). Business Procedures Manual. Retrieved from U.S. History. (2014). 59b. Reaganomics. Retrieved from Webb, L. (2013, Feb. 25). Biblical Economics Key to Real Reformation. Retrieved from

In this essay, the author

  • Explains that god owns everything and chose man to manage all that is his. the free enterprise system has provided the greatest amount of freedom and the most effective economic gains of any economic system ever devised.
  • Explains that adam smith's "the wealth of nations" was the beginning of capitalism. it was based on the observance that people are motivated by self-interest and the acceptance of private property.
  • Explains that new hampshire's economic plan aims to provide access to high quality, affordable, integrated, and preventive health care. infrastructure assets are capital investments that have endured a number of years.
  • Explains that the state's economic plan aims to preserve natural, cultural, and historic resources and develop regulatory environment and workforce housing.
  • Explains that a survey would be distributed to about 500 businesses presently operating in siskiyou county, which would then be self-administered and recorded based off each person’s answers.
  • Explains that as surveys are returned to the sender, the survey will be scored, and the data entered into an excel spreadsheet to rate each question with a measure.
  • Explains that applied research will create an economic plan that will take into account biblical economic principles and create a economic stability plan with input from business leaders.
  • Explains that the original idea was to send one to every business, but that could become overwhelming if everyone responds. the researcher will limit who receives the survey.
  • Opines that the passion for a strong stable economy drives this research. the issue is when the plan includes biblical economic principles.
  • Explains that the researcher seeks to develop goals for innovation and entrepreneurship for the state of jefferson to create a stable economy that will promote growth.
  • Opines that the study will examine current businesses in rural areas to determine what makes them successful and examine what has been done survive the great recession.
  • Recommends interviewing the businessperson or sending sample questions to the interviewee to prepare them for interview.
  • Cites aldrich, kusmin, and anderson, k. (2001). a biblical view of economics- a christian life perspective.
  • Cites business & industry association (bia) of new hampshire's strategic economic plan.
  • Cites keating, r., and lifsher, m. (2012, jan. 26). california among least business friendly states, report says.
  • Cites pender, reeder, and marre for creating rural wealth: a new lens for rural development efforts.
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