3 Review(s)

In books IV and V of The Wealth Of Nations, a pioneering series on economic analysis, Adam Smith advocates a free economy and restricted interference of the state. Summary Of The Book The Wealth Of Nations is a pioneering work of economic analysis, in which Smith provides deep insights, and offers helpful suggestions for the betterment of world economy. This series of books is a compilation of Smith’s lectures at Glasgow. In book IV, Smith examines, in great detail, the mercantile system. In this book, whose release coincided with the American Declaration of Independence, he also discusses the colonial relationship of Britain with America. Smith suggests that free trade is essential for the growth of an economy. Economic regulations, according to him, should be limited, as they hamper economic growth and development. In this book, he openly attacks existing government restrictions that hinder economic progress. In the fifth volume, Smith advocates a restricted role for the state, and suggests a part public, part private financial system for transport, education, defence and justice. This book highlights Smith’s opposition to unfair taxes, which, more often than not, burden the poor. He is perhaps, the first to advocate progressive tax. In the Introduction to this edition of the book, Andrew Skinner highlights the originality and importance of Smith’s work. This edition also includes appendices, chronology and an index. The Wealth Of Nations was the reason why Smith came to be regarded as the father of modern economic thought. After the publication of this work, many governments have been influenced by it while shaping their economic policies. About Adam Smith Adam Smith was a moral philosopher. The Theory Of Moral Sentiments and Lectures on Justice, Police, Revenue, and Arms are his other published works. Born in 1723, in a small village in Scotland, Adam Smith was a moral philosopher and political economist. He and his momentous work, The Wealth Of Nations, have been credited with shaping the modern economic policies. Smith attended the University of Glasgow, and Balliol College at Oxford. In 1751, he became Professor and taught Logic courses at the University of Glasgow, and from 1752 to 1763, he held the Chair of Logic at the same institute. Smith was elected as a Fellow of the Royal Society. In 1778, he was appointed as the Commissioner of Customs for Scotland. Smith also became a founding member of the Royal Society of Edinburgh. Adam Smith died on 17th July, 1790.