wealth of nations

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Title: wealth of nations

Essay Details:

Subject: Social Issues

Author: Peter D

Date: December 2, 2015

Level: University

Grade: A

Length: 2 / 510

Essay text:

Smith suggested that in each of these phases society had developed institutions appropriate to that phase. This development in society and its institutions being at all times by self-interest and morality. According to Smith the institutions most appropriate to a period of commercial interdependence would provide for the governing authority to pursue a laissez faire policy in relation to the economy. Smith justified this by arguing that people, through applying their talents and assets where they contributed to the production of the things potential buyers wanted. Under laissez faire systems individuals, acting in their own self-interest as economic agents, would tend to dedicate themselves to those economic activities that brought them the greatest reward in terms of income be it in the form wages, rent, or profit...

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