The Wealth of Nations (Modern Library Classics) | Adam Smith, Robert Reich

The Wealth of Nations (Modern Library Classics) | Adam Smith, Robert Reich | Smith -a brilliant ,moral conservative(but anti libertarian)

books:

The Wealth of Nati...

	The Wealth of Nations (Modern Library Classics) Adam Smith, Robert Reich Modern Library, 2000 - 1184 pages average customer review:based on 65 reviews view larger image
	for more information click here

highly recommended

Pick the right edition and read it - all of it

I have read WoN in three different editions and undoubtedly the best was the definitive version in the Glasgow edition of his Collected Works. This is cheaply and conveniently reporinted in the Liberty Fund edition which I recommend to anyone who is actually *studying* the text. It notes variations between different editions and has extremely useful notes which are helpful in understanding Smith's relations to his predecessors.

It's an interesting book, over-quoted and under-read. Read it - all of it - and you will find a rather different argument and conclusions from that bestowed upon this classic by partisans of untrammeled free markets who trumpet some sound-bites from the book but reject Smith's underlying argument.

for more information click here

Smith -a brilliant ,moral conservative(but anti libertarian)

Adam Smith's The Wealth of Nations(by wealth he meant the total productive capacity of a country's skilled and educated labor force,combined with its industrial manufacturing capacity and agricultural produce)is the brilliant effort of a famous moral philosopher to extend the range of his analysis from the theoretical "The Theory of Moral Sentiments" to the practical application of political economy in a country populated by decision makers who were practicing Judeo-Christians or Deists (who attempted to put into practice the Ten Commandments in their everyday lives).The terms "self interest" and"Invisible Hand" appear in both books.It is very clear from the context in both books that Smith is referring to the enlightened self interest of moral decision makers who have had specific religious instruction,as well as a general education.Smith spends nearly 50 pages(Smith,pp.716-766) advocating the necessity of such instruction,if necessary funded by the public .Smith advocated a progressive system of taxation.Smith advocated usury laws(interest rate controls).The First Bank of the United States,set up by Alexander Hamilton,was modeled after the central bank control concepts of Adam Smith,as opposed to the free banking advocated by libertarians.Most importantly,Smith's theory of comparative advantage opposed any offshoring of either employment and/or industrial/financial capital if the purpose of such offshoring was to supply the home market.Such foreign investment can only be made to supply the foreign market.Smith was one of the first opponents of globalization,since globalization directly conflicts with the theory of comparative advantage.Globalization advocates base their arguments on absolute advantage.Finally,Smith fully supported the use of counter tariffs if there was any probability that such a counter tariff would succeed in getting the offending nation to remove its initial tariff.Only if there was no probability of success would Smith forgo retaliation.A reader of both of Smith's books will discover quickly that he would have no sympathy for the greedy,atheistic materialism of any variety of anarchistic libertarianism. Smith would thus have been an ardent advocate of the conservative Federalist position of Washington,Hamilton,Madison,Franklin,Jay,etc.,while opposing the libertarian views of Paine,Mason,and Henry.

for more information click here