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Analysis of Book III Chapter I of The Wealth of Nations - Term Paper Example

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Analysis of Book III Chapter I of The Wealth of Nations

It has been more than 200 years since the book was published. However the concepts still applies and can be related to the present economic stature of a specific location. The concepts that Smith had proposed and explained are the basic principles on how to make a nation achieve stability and competence in a very unstable economy which can be considered as the present reality. Another statement that Smith made which should be internalized and enacted is that “the great commerce of every civilized society is that carried on between the inhabitants of the town and those of the country”. A town is part of a nation. One nation will not prosper if even just one of its towns is still suffering and struggling to reach its breakeven mark. However, when a town is considered to be successful and stable, it does not necessarily mean that the whole nation is also of the same stature. A town’s success only contributes a portion towards the success of a nation. For the nation to reach its success or even its stability, it should ensure that all of its towns are of the same if not on an almost uniform stature. However, there are some nations that hide oppressed side and focus more on the prosperous side with the hope that it will further boost its success. For the town’s side on the other hand as Smith stated, “the town, in which there neither is nor can be any reproduction of substances, may very properly be said to gain its whole wealth and subsistence from the country” (p.1909). At this point, it is quite an irony that as a nation would try to hide the town which is troubled; the said town has the tendency to just depend on its nation to boost its stature and just wait and see what will happen. This is an area that a number of nations are guilty. These nations are doing this because it is easier to hide the problem rather than make an effort to solve it. Though a town is part of the nation, it does not necessarily mean that the nation will also suffer from the same burden a particular town is suffering. The nation is merely escaping from its responsibility to aid the people in the town because a successful nation will succeed or fail due to the majority of its towns and not just a couple which just happened to have experienced a down-turn. It can also go the other way. When Smith said that “the gains of both are mutual and reciprocal, and the division of labour is in this, as in all other cases, ...Show more
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Summary

Adam Smith took approximately a decade before being able to finish his masterwork The Wealth of Nations. Smith still applied the law of supply and demand. However it is not purely based on the number of produce and raw materials present in a particular location…
Analysis of Book III Chapter I of The Wealth of Nations
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