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¶ … Wealth of Nations, published in 1776 during the Age of Enlightenment and on the cusp of the Industrial Revolution, consists of Adam Smith's considerations on political economy. It is an accessible summation of economics and is highly valued as the first comprehensive work of its kind. As with most literature, The Wealth of Nations reflects its contextual social conditions; revolutionary ideas, technologies, and practices strongly influence the work. With this treatise, Smith sets out to explain an obvious social phenomenon -- the economic engine, combined with ways in which it may flourish.
A lucid description of national economy forms the introduction of the composition. Smith skillfully discusses the merits of dividing labor and the benefits of using machinery to increase production. This instructive passage exposes the powerful mechanism that connects society. Next, an examination of the development of industry and commerce along with urban and rural economic contributions provide...
This generates a comparative analysis of two political economies, mercantilism and the agricultural system; Smith highlights the injury the former inflicts upon society. Smith concludes the study with a discourse on revenue and government's responsibility to provide public services through a sensible system of taxation.
A strong argument for free trade is embedded throughout Smith's accounts of economic axioms. In other words, the purpose of this treatise is twofold; it serves as an inclusive review of economic laws and as a rationale for an open market system. Smith's call for a less-restrictive economy mirrors the social movement in Europe at that time. Widespread economic hardship coupled with progressive ideas of the Enlightenment Age propelled society to seek an alternative economic system. Smith declares mercantilism -- the prevailing commercial system of the time, an obstacle to economic, political, and social…
References
Ebenstein, William & Ebenstein, Alan O. Great Political Thinkers: Plato to the Present.
Orlando: Holt, Rinehart, & Winston, Inc., 1991.
Smith, Adam. The Wealth of Nations. New York: Alfred A. Knopf, Inc., 1991.
For Hobbes, individuals must be a larger population beneath authority, and those individuals must, by the very nature of the perpetuation of the species, cede all rights and control over to that authority. It is also well within the natural rule of law that there might be abuses of authority, and that even though rebellion might be expected, it is up to the individual to maintain that the State
Wealth The benefits of being wealthy are numerous and varied. Perhaps the most obvious is the ability to live a comfortable lifestyle and enjoy indulgences that only someone with money can enjoy, such as exotic vacations, spending sprees at the mall, and grown-up toys such as luxury cars and boats. However there is perhaps a responsibility involved with wealth. Most truly wealthy people are major contributors, donors, and sponsors of various charitable
Wealth & Happiness Surveys have indicated that although citizens of the United Kingdom earn double the income they earned forty years ago, they find themselves less happy. There is no shortage of fables that support this story -- from Ebenezer Scrooge to Willy Loman the pursuit of wealth in modern society has often led to unhappiness in one form or another. Yet the myth that connections wealth to happiness remains powerful
Wealth of Networks Communication (general) It is said that the Western culture is going through some sort of cultural war in terms of communication and technology (Braman 153-182). The battlegrounds are seen in the courts, the legislatures, international bodies, local communities, and distant countries that individually may not have much power to affect the outcome though they do have a vital interest in who wins. The war is global -- and is
Wealth inequality results in many Americans not having access to necessities such as adequate healthcare. It is also linked to ethical and racial inequality and, as such, can be a source of social dissention. In the final analysis it is a sad truth that such radical disparities should exist in one of the most advanced societies in the word. Bibliography Black Wealth / White Wealth: A New Perspective on Racial Inequality.
Wealth Disparity Executives as owners vs. Executives as representatives Stock Options on wage growth Taxes on wage growth Inflation on wage growth Individual Wealth Education (Mutual Fund Fallacy) Financial Education A very contentious issue arising within public domain is that of compensation and its repercussions on overall society. Over the past 3 decades executive compensation has ballooned while the average worker continues to see only modest gains in income. The average annual earnings of the top 1%