This edition includes:An abridged selection of all 5 books for the contemporary reader An original commentary offering new research and analysis by classic literature guru Tom Butler-Bowdon A biography and chronology of Adam Smith's life and the events surrounding the original publication of the work
Today, The Wealth of Nations is still essential reading for any business or self-development library, reminding us that it is the ingenuity and drive of people, not governments, that remains the source of personal, national and global prosperity.
Smith's message was that economic exploitation, through the monopoly trade of empire, stifled wealth-creation in both home and foreign lands. Moreover, protectionism preserved the status quo, and privileged a few elites at the expense of long run growth.
Smith wrote, "It is the industry which is carried on for the benefit of the rich and the powerful that is principally encouraged by our mercantile system. That which is carried on for the benefit of the poor and the indigent is too often either neglected or oppressed."
This edition, based on the classic Cannan version of the text, includes a foreword by George Osborne MP and an introduction by Jonathan B. Wight, University of Richmond, which aims to place the work in a business context. Wight also provides an invaluable 'Notable Quotes' section where he extracts and categorises some of the most famous and pertinent sections of Smith's work.
This classic work is as essential today as it was when it first written.
Adam Smith's The Wealth of Nations is the great pioneering study of economic growth and performance. When first published in 1776, the factory-based Industrial Revolution was only just getting underway. However, there had been steadily rising production and incomes in Britain, the North American colonies, Holland and other countries since at least the late 17th century.
Smith uses basic theory, observation and documentary sources to analyze the nature and causes of economic advancement in general.
The book is lengthy and wide-ranging. It examines the contributions to production of labour, land and capital. It explains the economic importance of large buoyant markets and industrial specialization. It also shows that national wealth does not depend on economic factors alone. For example, the favourableness or otherwise of the political-legal environment for industry and commerce is everywhere a major influence on national prosperity.
This is a moderately abridged current language version of the book – essentially translating the work into modern English to improve its readability and understandability. The translation is substantive but retains literalness and original word order and grammar as far as possible.
BOOK 1: INDUSTRIAL PRODUCTION, DISTRIBUTION AND INCOMES
Chapter 1: Industrial Specialization
Chapter 2: The Origins Of Industrial Specialization
Chapter 3: The Extent Of The Market Limits Specialization
Chapter 4: The Origins And Use Of Money
Chapter 5: The Real Economic And Nominal Monetary Prices Of Goods
Chapter 6: Supply Prices, Production Costs And Incomes
Chapter 7: The Natural And Market Prices Of Products
Chapter 8: The Wages Of Labour
Chapter 9: The Profits Of Capital
Chapter 10: Wages And Profits In Different Trades
Chapter 11: The Rent Of Land
BOOK 2: CAPITAL – ITS NATURE, ACCUMULATION AND USES
Chapter 1: Different Types Of Capital
Chapter 2: Monetary Capital
Chapter 3: The Accumulation Of Capital
Chapter 4: Capital Lent At Interest
Chapter 5: The Different Uses Of Capital
BOOK 3: NATIONAL ECONOMIC GROWTH AND PERFORMANCE DIFFERENCES
Chapter 1: The Natural Process Of Economic Growth
Chapter 2: The Discouragement Of Agriculture In Europe After The Fall Of The Roman Empire
Chapter 3: Urban Growth And Manufacturing After The Fall Of The Roman Empire
Chapter 4: The Contribution Of Urban Industry And Commerce To Rural Economies
BOOK 4: POLITICAL-ECONOMIC THEORIES AND POLICIES
Chapter 1: The Mercantilist Political Economic Model
Chapter 2: Restrictions On Importing Goods Capable Of Domestic Production
Chapter 3: Restrictions On Imports To Correct So-called Disadvantageous Trade Balances
Chapter 4: Tax Refunds On Exports
Chapter 5: Export Subsidies
Chapter 6: Treaties Of Commerce
Chapter 7: Colonies
Chapter 8: The Mercantilist System – Conclusions
Chapter 9: The Agricultural Political Economic Model – The Notion Of Land As The Great Source Of National Wealth
BOOK 5: GOVERNMENT FINANCES – PUBLIC EXPENDITURE, TAXATION AND BORROWING
Chapter 1: Government Expenditure
Chapter 2: The Sources Of General Public Revenues
Chapter 3: Public Debts
For more than seventy years, Penguin has been the leading publisher of classic literature in the English-speaking world. With more than 1,700 titles, Penguin Classics represents a global bookshelf of the best works throughout history and across genres and disciplines. Readers trust the series to provide authoritative texts enhanced by introductions and notes by distinguished scholars and contemporary authors, as well as up-to-date translations by award-winning translators.
From the Trade Paperback edition.
Introduction by Robert Reich • Commentary by R. H. Campbell and A. S. Skinner • Includes a Modern Library Reading Group Guide
The sheer strength of his great work, The Wealth of Nations, discourages many from attempting to explore its rich and lucid arguments. In this brilliantly crafted volume, one of the most eminent economists of our day provides a generous selection from the entire body of Smith's work, ranging from his fascinating psychological observations on human nature to his famous treatise on what Smith called a "society of natural liberty," The Wealth of Nations.
Among the works represented in this volume in addition to The Wealth of Nations are The History of Astronomy, Lectures on Jurisprudence, The Theory of Moral Sentiments, and Smith's correspondence with David Hume.
Before each of Smith's writings Robert Heilbroner presents a clear and lively discussion that will interest the scholar as much as it will clarify the work for the non-specialist. Adam Smith emerges from this collection of his writings, as he does from his portrait in Professor Heilbroner's well-known book, as the first economist to deserve the title of "worldly philosopher."
Xist Publishing is a digital-first publisher. Xist Publishing creates books for the touchscreen generation and is dedicated to helping everyone develop a lifetime love of reading, no matter what form it takes
This Xist Classics edition has been professionally formatted for e-readers with a linked table of contents. This ebook also contains a bonus book club leadership guide and discussion questions. We hope you’ll share this book with your friends, neighbors and colleagues and can’t wait to hear what you have to say about it.
-David M. Darst, author of The Art of Asset Allocation Managing Director and Chief Investment Strategist, Morgan Stanley Individual Investor Group
"Nobody has written about the craft of money management with more insight, humor, and understanding than Adam Smith. Over the years, he has consistently separated wisdom from whimsy, brilliance from bluster, and character from chicanery."
-Byron R. Wien, coauthor of Soros on Soros Chief Investment Strategist, Pequot Capital Management
Supermoney may be even more relevant today than when it was first published nearly twenty-five years ago. Written in the bright and funny style that became Adam Smith's trademark, this book gives a view inside institutions, professionals, and the nature of markets that has rarely been shown before or since. "Adam Smith" was the first to introduce an obscure fund manager in Omaha, Nebraska, named Warren Buffett. In this new edition, Smith provides a fresh perspective in an updated Preface that contextualizes the applicability of the markets of the 1960s and 1970s to today's markets. Things change, but sometimes the more they change, the more they stay the same.
What It Is: There are many things that Rory would like to forget about his childhood growing up in rural Arkansas. Sometimes, he’d even like to forget about Joe, his mentally challenged older brother, both his closest friend and biggest problem. But when a young girl named Sylvia shows up, claiming to be a Valkyrie sent by the Norse god Odin to deliver Rory to Valhalla, he will have to face the past he’s tried to lock away.
"The art is stunning and the storytelling is so refined and delicated…" - Literati Press Comics & Novels
But you are also the solution to your greatest problem.
This book combats a destructive mind-set that we all sometimes fall into: I can't change. I am the victim of my circumstances, and I am confined by my personal limitations. This philosophy, though intangible, destroys more dreams and limits more lives than any actual, physical obstacle. To show us how to overcome this philosophy of fear, Smith draws on literature, history, and his personal experiences with chronic depression, as well as on encounters with remarkable “ordinary” people who've embraced a different philosophy: the belief that we possess the power to lift ourselves out of the abyss and into the light.
Smith inspires us to see that no matter how dire our circumstances may be, there is always a positive step you can take, however small it might be. He doesn't sugarcoat the difficulties or offer promises of overnight success. But he does promise that if you continue to see yourself as a victim you'll remain frozen and fearful. We may not be able to control what happens to us, but we can always control how we react.
Throughout history, some books have changed the world. They have transformed the way we see ourselves – and each other. They have inspired debate, dissent, war and revolution. They have enlightened, outraged, provoked and comforted. They have enriched lives – and destroyed them. Now Penguin brings you the works of the great thinkers, pioneers, radicals and visionaries whose ideas shook civilization and helped make us who we are.
According, therefore, as this produce, or what is purchased with it, bears a greater or smaller proportion to the number of those who are to consume it, the nation will be better or worse supplied with all the necessaries and conveniencies for which it has occasion.
But this proportion must in every nation be regulated by two different circumstances: first, by the skill, dexterity, and judgment with which its labour is generally applied; and, secondly, by the proportion between the number of those who are employed in useful labour, and that of those who are not so employed. Whatever be the soil, climate, or extent of territory of any particular nation, the abundance or scantiness of its annual supply must, in that particular situation, depend upon those two circumstances.
The abundance or scantiness of this supply, too, seems to depend more upon the former of those two circumstances than upon the latter. Among the savage nations of hunters and fishers, every individual who is able to work is more or less employed in useful labour, and endeavours to provide, as well as he can, the necessaries and conveniencies of life, for himself, and such of his family or tribe as are either too old, or too young, or too infirm, to go a-hunting and fishing. Such nations, however, are so miserably poor, that, from mere want, they are frequently reduced, or at least think themselves reduced, to the necessity sometimes of directly destroying, and sometimes of abandoning their infants, their old people, and those afflicted with lingering diseases, to perish with hunger, or to be devoured by wild beasts. Among civilized and thriving nations, on the contrary, though a great number of people do not labour at all, many of whom consume the produce of ten times, frequently of a hundred times, more labour than the greater part of those who work; yet the produce of the whole labour of the society is so great, that all are often abundantly supplied; and a workman, even of the lowest and poorest order, if he is frugal and industrious, may enjoy a greater share of the necessaries and conveniencies of life than it is possible for any savage to acquire.