Adam Smith’s Wealth of Nations

The Wealth of Nations is considered to be the basis of classical Economics which has today grown to become the foundation of the Free Market Economy, maturing into Capitalism.

The book Adam Smith’s Wealth of Nations is a ghostwritten work by Karen McCreadie . It is a brief commentary, but in the contemporary sense of the impact of the basic ideals put forth  by Adam Smith in his humungous five volumes – The Wealth of Nations.

It isn’t surprising to hear the statement “Even Adam Smith would turn rounds in his grave, if he’d know what has come of his ideas of free market , to have culminated into today’s ruthless capitalism”. Even in this book, this apprehension is reiterated numerous times.

This book by Karen serves at best as a perfect primer to introduce Adam Smith’s ideas, in correlation to the Economic bubbles and busts we are experiencing even as I write of it. She explains Adam Smith’s ideas in relation to the global economic ambiance fluently.

One conclusive excerpt from the book:

The biggest challenge with The Wealth of Nations is that it fails to take human nature into account, which by all accounts is a serious mistake. Free enterprise can be valid economic system, but this is on the assumption that human beings will not exploit each other, that the strong will not take advantage of the weak, and unfortunately that assumption is misplaced in the 21st century, perhaps especially in the 21st century! Capitalism without decency, humanity and moral conscience is tantamount to evil, whatever century you choose to examine.

PS: It is interesting to note that the very fundamentals of today’s global free-market economies: loans, credit, mortgage, gambling (speculation etc.) and other villainous tactics while are hailed today in the name of Adam Smith and his works – We were warned about these perils by the very person!

About Raghav/Raghu

A fortunate mass of hydrogen cloud conscious enough to be contemplating that very fact.
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