An Inquiry Into Adam Smiths: the Rise and Fall of the Wealth of Nations

In the year 1776, several impactful documents were produced including “Common Sense” by Thomas Paine and Adam Smith’s “Wealth of Nations”. Thomas Paine's, "Common Sense," attacked the British throne and argued for what was to be believed as deserved independence for the people, and Smith’s “Wealth of Nations” was argued as the perhaps the most influential book of the time period.

The author of 1776 is David McCullough. It was published by Simon & Schuster, New York, NY in the year of 2005. With his diploma from Yale, he jumped right into writing at Sports Illustrated in New York. While at American Heritage, he built a reputation of documenting accurate and real scenarios of how our history was made. Mr. McCullough then became enthralled with the politics of the day. Mr. McCullough also won many awards including The National Endowment for the Humanities, and a medal for distinguished Contribution to American Letters. This book subject would be the year of 1776 and everything that

Three main documents that have directly and indirectly affected the American Revolution are The Declaration of Independence (July 1776), Thomas Paine’s “Common Sense” (January 1776), and John Locke’s “Second Treatise of Government” (1689). All of these documents are related to one another in the fact that they paved the way for the future of America and led to the amazing country we live in today.

In 1776, the most well written and revolutionary document was established. This document was called the Declaration of Independence. This document was written by Thomas Jefferson and was then adopted by the continental congress which allowed the British colonies to retrieve their deserved independence from Great Britain. The declaration states “that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. — That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed." A couple years after the Declaration came the Articles of Confederation. The article was the first constitution of the United States. The Articles of

The Declaration of Independence is the most influential document in history and is still studied and looked at today. The declaration has even been looked over for more than 230 years. (ideals of declaration). In 1776 the Sons of Liberty and anyone else who disliked the king decided they would get someone to write a document to attempt to win their freedom from the English, this person was Thomas Jefferson. The document was written based on four simple parts: An introduction about how and why they wanted separation, a statement of the ideals the Americans had with the government, A list of grievances to the king, and lastly a declaration of independence from Great Britain.

Since the early days of the United States, the Founding Fathers and other brilliant minds sought ways to understand and make sense of the inner workings of society and the economic market. Out of the many thinkers and developers of that time period, perhaps none made so great an impact on American society as the Scottish contemporary philosopher and political economist, Adam Smith—who is most known for his influential work, An Inquiry into the Nature and Causes of the Wealth of Nations, By the early nineteenth century, other streams of economic theory emerged from various individuals who were also influenced by the ideas of Smith. Some of these individuals included David Ricardo, Karl Marx and later John Maynard Keynes and Milton Friedman—each of whom contributed their own ideas on economic activity. However, it was Smith’s ideas on capitalism and his laissez-faire approach to free markets that have transcended other economic theories and continue to impact American economic thought to this day.

It is a document that was signed by 56 people and it was the start of the United States of America. It was adopted on July 4, 1776 in Philadelphia, Pennsylvania. The document was mainly made by Thomas Jefferson, but Benjamin Franklin, John Adams, Roger Sherman, and Robert R. Livingston also helped draft it. The reason why this document was made is because it declared independence from England. In the Declaration of Independence it states that all men are created equal and that's something our government enforces today.

- Control and regulate the various economic conditions such as inflation through the management and

Can greed and self-interest benefit our society’s economy? majority of people would say, but one man by the name of Adam Smith would’ve disagreed. he believed that profit motive even greed could be good for the economy. This very theory spiraled an onset of controversies and debates. However, his theory shined in the right light; justified is the best solution for the economy.

Throughout the book An Inquiry into the Nature and Causes of the Wealth of Nations, Adam Smith uses the term “commercial society” rather than more accustomed words like “capitalism.” Smith explains what he means by this term,

controlled the society he lived in. In the process, he provides an exposition for his vision

Adam Smith is considered as one of the most influential economists in the 18th century. Although his theories have been criticized by several socialist economists, however, his idea of capitalism still has great impact to the rest of the economists during classical, neo classical periods and the structure of today’s economy. Even the former Prime Minister of Britain, Margaret Thatcher had praised on Smith’s contribution on today’s capitalism market. She commented “Adam Smith, in fact, heralded the end of the strait-jacket of feudalism and released all the innate energy of private initiative and enterprise which enable wealth to be created on a scale never before contemplated” (Copley and Sutherland 1995, 2). Smith is also being recognized

Main protectionist policies include tariffs, quotas, embargos and voluntary export restraints, and Adam Smith’s idea of absolute advantage has been developed further to explain international trade. In recent years, protectionism has become closely related to globalization during which the influences of trades spread almost everywhere, so people insist upon the study of social deformities generated by improper policies on international trade and the task of pointing them out with a view to remedy. There are certainly both economic and political purposes of trade

Smith’s first book the Theory of Moral Sentiments was published just five years before he began writing his second, the Wealth of Nations – which

Adam Smith, who was considered the “Father of the Free-market Capitalism” and known for his general advocacy of laissez-fair economics, however, was strongly in support of controlling usury (Jadlow, 1977; Levy, 1987).  While he didn’t want to completely exclude interest, he was in favor of the imposition of an interest rate ceiling (Smith, 1937).  Another reformist was Silvio Gesell, a successful nineteenth century merchant in Germany and Argentina, who condemned interest on the basis that his sales were more often related to the pride of money than people 's needs or the quality of his products (Gesell, 1904). His proposal of making money a public service subject to a use fee led to widespread experimentation in Austria, France, Germany, Spain Switzerland, and the United States under the banner of the so-called “stamp script movement”, but these initiatives were all squashed when their success began to threaten the national banking monopolies (Kennedy, 1995).