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Loved each and every part of this book. By specialising, people can use their talents, or acquire skill. And they can employ labour-saving machinery to boost production. Then they exchange those specialist products, spreading the benefits of specialisation across the whole population.
How far and how fast the benefit spreads depends on how wide and efficient is the market. Often, employers try to rig markets in their own interests, and call on governments to help them.
But the best interests of ordinary people are served if policymakers avoid such interventions and promote open competition. Smith goes on to say that building up capital is an essential condition for economic progress. By saving some of what we produce instead of immediately consuming it, we can invest in new, dedicated, labour-saving equipment.
The more we invest, the more efficient our production becomes. It is a virtuous circle. Thanks to this growth of capital, prosperity becomes an expanding pie: everyone becomes richer. But capital can be lost, through mistakes, or theft, or profligate government spending.
Just as individuals gain from specialisation, says Smith, so do nations. There is no point trying to grow grapes in Scotland, when they grow so plentifully in France.
Countries should do what they are best at, and trade their products. Restrictions on international trade inevitably make both sides poorer. Legislators think too much of themselves when they believe that by intervening, they can direct production better than the market can. Smith is critical of government and officialdom, but is no champion of laissez-faire.
Of the Expense of Supporting the Dignity of the Sovereign 5. Detailed info. The Wealth of Nations by Adam Smith — ebook, download epub, txt, mobi, pdf or read online. Leave comments and reviews, vote for your favorite. Post a review. What do you think about the book? Rate the book. Edit review. Share review. Other books by this author. The Wealth of Nations. Wealth of Nations. What do you want to complain about? Characters remaining: Stream audiobook and download chapters. Audiobook downloads.
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