Adam Smith and the Wealth of nations

"Wealth" means "well-being"; Smith's book is in fact about material well-being. The Wealth of Nations is an influential statement of the case for laissez-faire, the thesis that government should not attempt to control or direct economic activity. His arguments are in terms of both economic efficiency and justice The Wealth of Nations is also a philosophy of history. Smith distinguishes several stages of social development culminating in "commercial civilisation", a state of considerable and growing …showed first 75 words of 453 total…

…showed last 75 words of 453 total…Smith was in favour of giving the colonists the right to trade as they saw fit. In The Wealth of Nations Adam Smith argues that the progress of human well-being has been due and will continue to be due primarily to free exchange, which makes possible division of labour, and that government cannot hasten this natural process. The chief function of government is to protect freedom of exchange by upholding justice, i.e. property rights.