Adam Smith

A detailed Summary of Adam Smith


Adam Smith: An Inquiry Into the Nature and Causes of the Wealth of Nations

Adam Smith is broken up into five different books with separate chapters. We will mainly focus on book IV and I. Book I is mainly concerned with how wealth is distributed as wages, profits and rent. The main argument in book IV has do to with how government should not try to direct industry into export industry, or into agriculture, or in any particular direction, it should allow it to go in whatever direction private individuals find profitable.

The introduction starts off by stating that wealth consists of things consumed privately by individuals or families, however he did not think people were much happier being wealthy or not. Also, wealth depends on the productivity of labor and the level of employment as far as different classes are concerned, such as there is a leisure class and productive workers. A nation becomes wealthier because the nation has become more product


The next system discussed is the agricultural systems of political economy. It represents the produce of an economy as either being sold or as the principal source of the revenue and wealth in every country. The topic of natural liberty was defined as the government's best contribution to the wealth of the nature is to leave individuals free to find the most profitable employment of their own labor. There is an invisible hand present which will naturally control the market to the people's benefit. According to the natural liberty system, there are three duties that a government must do for the people, protecting the society from violence and invasion, protecting every member of the society from the injustice or oppression of every other member of it, or establishing a justice system, and maintaining certain public works and certain public institutions. Overall, Adam Smith introduced the basis of principle of an economy including Laissez Faire.

In book IV

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Approximate Word count = 647
Approximate Pages = 3 (250 words per page double spaced)

Category: Politics

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