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The Wealth of Nations (Paperback)
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The Wealth of Nations (Paperback)
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The Wealth of Nations is a book that every thinking person should
have on their shelf. Though some rough spots in Adam's thinking
have emerged over time, his classic book still provides the logic
on which capitalism rests its bones. Not until Marx did someone
really challenge its dictates --- Smith basically won the argument
on most points. But willingness for those with an inability to
think critically, to use this book as justification for the
domination of the weak by the strong, has little to do with Smith
--- it has everything to do with those who are looking for
justification of greed. The Wealth of Nations presents the economic
underpinnings of capitalism in a concrete way. Filled with ideas,
this economic classic is often convincing, sometimes outdated, and
frequently fundamental to belief in free-markets. Smith's ideas are
combined with appealing (or appalling) examples of the injustice
done to people by disturbing the free-market. Essentially, The
Wealth of Nations is a treatise on the power of individuals to
maximize their own wealth which manages (rather ably) to support
the natural liberty of men while arguing for free markets. Smith
doesn't argue for free markets as a perfect system in which there
will be no misery. Rather, he shows that economic freedom is the
system that gives individuals the greatest (and most just)
opportunity to gain happiness and which will be the quickest to
respond to changes in supply and demand. The Wealth of Nations
doesn't support or suggest the "goodness" of goodness of companies
and business as a whole, as it is in the interest of companies to
create a supply shortage so they can ask prices above cost.
Instead, Smith suggests that the free market is the best way to
break the price-setting power that otherwise might be wielded. The
Wealth of Nations also reveals that political decisions that at
fist glance seems compassionate, might in fact be inhumane, cruel
and the cause of much suffering (because on the long run they lead
to a supply shortage). The examples given here are still relevant
to view the decisions made by politicians in today's so-called free
market countries.
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