The Wealth of Nations
An Inquiry into the Nature and Causes of the Wealth of Nations
The Heavyweight Champion of Economic Theory, The Wealth of Nations
The Scottish moral philosopher and economist Adam Smith took ten years to write his magnum opus. Had anyone taken a century to perfect it, no more powerful statement of the natural power of the free market when combined with personal liberty could have been produced. Not only is the book the foundation of classical economic theory, it is a statement of the moral imperative driving laissez-faire capitalism. The ultimate testimony came from John Maynard Keynes who lived his entire career seeking to refute Smith's book only to see his beloved England follow Keynesian economics and the progressive movement into horrendus inflation and watch the British Pound Sterling lose its two-century-old role as the world's reserve currency. Nearing death, Keynes made a "near deathbed confession". What did JMK say as his countrymen booted Churchill out of office so that the Labour (progressive) Party might bring on outlandish promises and outlandish inflation and destroy the once most honored currency in the world? Keynes who’d dedicated his whole life in opposition to the 'invisible hand of the marketplace' (which Adam Smith always advocated) in favor of government involvement and control of markets, said, "I find myself more and more relying for a solution of our problems on the invisible hand which I tried to eject from economic thinking twenty years ago."--Submitted by Rajjpuut a.k.a. Robert Velasquez VanDeHey.
This work by Adam Smith is an enjoyable combination of high brain power and story telling of how nations and people worked together to create wealth. In the course of doing so Adam Smith provide an insight into morality, money, and many subjects which we deal with on daily basis without having any idea about their origin.--Submitted by Talal Shallawe.
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