The Wealth of Nations, Books 4-5
By Adam Smith
1776
First Published
4.05
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It is in Books IV and V of The Wealth of Nations that Adam Smith offers his considered response to the French Physiocrats, perhaps the first great school of economic theorists, and assesses the nature of the mercantile system, particularly the coloniaL relationship with America, whose achievements could have been even more spectacular if conditions of free trade and economic union had existed. Even on the eve of the Declaration of Independence, Smith famously predicted that America "will be one of the foremost nations of the world." It is also here that he develops the case for a limited state role in economic planning, notably to combat market failure and induce efficiency in areas such as education, public works, justice, and defense. His pioneering analysis still provides many subtle and penetrating insights into one of today's most vital and controversial policy debates.
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Author
Adam Smith
Author · 20 books
For other authors of this name, see Adam Smith. Wealth of Nations (1776) of Scottish political economist and philosopher Adam Smith laid the foundations of classical free-market theory. Despite the unknown exact date, authorities recorded his baptism on 16 June 1723 at Kirkcaldy. This pioneer among the key figures of the Enlightenment authored The Theory of Moral Sentiments . People consider the first modern work of economics as his magnum opus and widely cite this father. https://en.wikipedia.org/wiki/Adam\_Smith
