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The Wealth of Nations – Adam Smith

An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the magnum opus of the Scottisheconomist and moral philosopher Adam Smith. First published in 1776, the book offers one of the world’s first collected descriptions of what builds nations’ wealth, and is today a fundamental work in classical economics. By reflecting upon the economics at the beginning of the Industrial Revolution, the book touches upon such broad topics as the division of labour, productivity, and free markets. (Source: Wikipedia)

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An important theme that persists throughout the work is the idea that the economic system is automatic, and, when left with substantial freedom, able to regulate itself. This is often referred to as the “invisible hand.” The ability to self-regulate and to ensure maximum efficiency, however, is threatened by monopolies, tax preferences, lobbying groups, and other “privileges” extended to certain members of the economy at the expense of others. It also explains how the poor should be treated, and how their workplaces overall destroy them mentally, making them incapable for any other positions.

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“Labour, therefore, is the real measure of the exchangeable value of all commodities”    Adam Smith

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After all, it might be that the wealth of nations does not mean the same as the wealth of its citizens

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