Executive Summary
“Wealth of Nations” is a book that was written by Adam Smith. In writing a book, it is important that an author should have an objective of reaching the audience in an effort to bring out the desired ideas. In writing the book, the author had different perspectives. One of the perspectives was that it does not matter if societies are primarily driven by self-interest because the overall impact is considered good (Smith, 1776). From Smith’s views, the invisible hand associated with the free market ensures that people who act to attain their own benefits end up increasing the whole economy. This implies that the honest labor of individuals to succeed or make progress results in appropriate utilization of resources. Alternatively, from the book, it is apparent that it is possible to acquire wealth through specialization. Based on his arguments, Smiths believes that the wealth of a country is likely to rely more than anything on the manner in which a nation organizes its labor force.
Besides, from the author, the wealth of a nation is usually dependent on the proportion of the population involved in productive work. Smith claims that in affluent nations, although most people may not work, the society on its entirety should be involved in supplying most of the needs of the people. This emanates from the trait of rich countries having greater division of labor compared to poor countries. Furthermore, the author argues that the principle of division of labor does not necessarily rest on physical production. This is because the generation of new ideas, which are important in the development of specialization. In addition, Smith argues that people usually generate wealth through offering something that is of extremely high utility, which has the ability to save. The arguments presented by the author impacts a person’s ability to develop the saving culture. This implies that individuals are made to become more productive through enhancing their skills, which may help in the creation of new ideas.
Critique
One lesson that was developed is that there is nothing essentially wrong with the pursuit of self-interest. In most cases, people have wondered whether there is a need to pursue their self-interests rather than focusing on the needs of the economy or the entire society. This is based on the idea that the economic progress of a nation usually depends on the productivity of the individuals. Thus, in any case, the pursuit of personal interests is likely to have the ability of benefiting a person as well as the nation as a whole. Alternatively, another lesson learnt is that division of labor is exceedingly crucial in the development of wealth associated with a nation. From the ideas of Smith, division of labor is crucial in increasing the wealth associated with a country since it helps people to enhance their skills in areas that they can comfortably apply their expertise.
The book challenges a previously held view that capitalism, or the pursuit of self interests is not beneficial to a nation since it may only result in benefiting a person rather than the society. However, from the viewpoint of smith, it is apparent that the pursuit of self-interests is good for both an individual as well as a nation (Smith, 1776). As an individual tries to satisfy personal needs, he is also in a position to benefit a society as a whole since individual productivity is crucial in increasing the productivity of a country. Therefore, in case all individuals were to become productive in an attempt to benefit themselves, the country is likely to benefit too from the individual inputs. Alternatively, the author confirms a prior held view on socialism. In his views, the author indicates that the wealth of a nation is dependent on the proportion of populace involved in productive work. However, he claims that in rich nations, the proportion of people that are involved in productive work does not matter in case the country is in a position to provide the needs of the people wholly.
Self Reflection
The book relates to personal life, goals, and ambitions in that it has been in a position to support the ideas of pursuit of self-interests. In most cases, especially socialist nations, the pursuit of self-interests has been perceived as futile ambitions as there are minimal incentives towards owning the factors of production individually. This makes a person less concerned about the pursuit of self-interests. However, from the ideas of smith, it is apparent that there is a need to focus on the pursuit of self goals as well the attainment of individual satisfaction. Therefore, from the ideas of Smith, the book helps me to focus on the pursuit of personal life, goals, as well as interests.
The book relates to the world and society we live in today since it helps the reader to understand the economics behind the affluence associated with a nation and the means to attain them. In the current world, countries tend to use different means in an attempt to acquire wealth. For instance, there are countries that focus on capitalism while others focus on socialism. Based on the ideas presented by Smith, there is a proposal on how countries can become wealthy without focusing on whether a nation is a socialist or capitalist. The book proposes that it is important for countries to focus on division of labor and specialization. From the argument of the author, division of labor and specialization helps in the development of skills that are critical in certain areas, and such expertise can help in increasing the productivity of individuals that translates to national productivity. Thus, the book can be used by nations in the world in the development of wealth. Furthermore, the book presents the issue of trade, which is usually considered as a global matter. From the perspectives of the author, it is apparent that the involvement of countries in trade is beneficial. According to Smith, all trades are usually beneficial in case they are conducted freely (Smith, 1776). This issue relates to the current trade concerns, where countries in the globe have abolished free trade and instead apply barriers that hinder trade. For instance, there is a current trade war existing amid China and the United States as they both introduce tariffs that discourage trade on both countries.
In case I was the author writing on the subject on the acquisition of wealth, I would support the idea of capitalism. In this case, I would indicate that it would be important for people to focus on owning the means of production as well as the society in an attempt to enhance productivity. This implies that the idea of public-private partnership should be embraced.
References
Smith, A. (1776). An inquiry into the nature and causes of the wealth of nations, Volume 1. London: W. Strahan and T. Cadell.
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