Adam Smith's Wealth of Nations Term Paper

The roadways and other such necessities which are constructed by the government at the government's expense, and of which the private individuals are unable to finance, ultimately are predicted by Smith to come at higher and higher costs to the society.

SUMMARY & CONCLUSION

Smith, in his work, demonstrates how it is that self-interest is held at bay to an extent by rivalry of economy results in a prosperity that is widespread or that which is referred to by Smith a 'universal opulence' and is a situation in which the desire to produce more is driven by a desire for more consumption. Smith's view is that when restrictions on domestic trade decline that the society is able then to grow richer.Smith supports free trade to the extent that it is to the society's advantage as in the case where it can import goods at a lower cost than those goods can be produced and upon the condition that the country whose goods are being imported allows the same of the goods that are exported from the society's domestic market to the foreign market from which the less costly goods for import into the domestic market are derived.

Bibliography

Introducing Big Government (1999) Finance and Economics - the Economist 23 Dec 1999.

Smith, Adam (1776) an….....