Category Archives: Uncategorized

Nota Bene: Adam Smith turns his attention to the role of government, law, and public finance in the fifth and final section of The Wealth of Nations (available here). In brief, Book V contains three chapters and is structured as … Continue reading →

Adam Smith sums up what is wrong with mercantilism and protectionism in two sentences at the very end of Book IV of The Wealth of Nations: “It is thus that every system which endeavours, either by extraordinary encouragements [i.e. subsidies … Continue reading →

Adam Smith concludes Book IV of his magnum opus with a critical survey of one of the leading schools of political economy of his day (the Age of Enlightenment), that of the French économistes led by the incomparable royal doctor … Continue reading →

“Though the encouragement of exportation and the discouragement of importation are the two great engines by which the mercantile system proposes to enrich every country, yet with regard to some particular commodities it seems to follow an opposite plan: to … Continue reading →

“Such exclusive companies [like the English East India Co.] … are nuisances in every respect; always more or less inconvenient to the countries in which they are established, and destructive to those which have the misfortune to fall under their … Continue reading →

I will resume my survey of Book IV of The Wealth of Nations in my next post; in the meantime, here is a remix of “1st of tha month”:

Translation: The Adam Smith Colonial Problem (I respectfully beg the indulgence of my loyal readers for the Germanic title of this particular blog post. It is an intentional reference to the original so-called “Das Adam Smith Problem” — if you … Continue reading →

DaDaDa! DaDaDa! This is Smith Center! Part 3 of Chapter 7 of Book IV of The Wealth of Nations — available here; scroll down to “Part Third” — is yet another must-read, for the great Adam Smith concludes his chapter … Continue reading →

“Folly and injustice seem to have been the principles which presided over and directed the first project of establishing those colonies; the folly of hunting after gold and silver mines, and the injustice of coveting the possession of a country … Continue reading →

“In consequence of the representations of Columbus, the council of Castile determined to take possession of countries of which the inhabitants were plainly incapable of defending themselves. The pious purpose of converting them to Christianity sanctified the injustice of the … Continue reading →