The Wealth of Nations: A Revolutionary Work on Economics

3. Explain the view of capitalism that was expressed in Adam Smith’s Wealth of Nations.

These settlement housing complexes, along with other emerging municipally supported housing and projects, were failing considerably as time went on, in more ways than not. Ways these housing and government projects were failing were in hygiene and sanitation, in addition to perishable products that went uninspected, like meat and dairy products, which eventually made citizens very ill, and even killed a few. Local factories emitting toxic fumes also did not help the issue at all8

Tenement buildings are run down buildings, mostly in the city. Poor families and mostly poor immigrants would live inside these buildings. Tenement buildings were very unhealthy to live in. A danger that families had to face in these buildings was that they were run down. Run down buildings could fall apart and the ceilings could be tore. Also, the buildings could have mold and people can get sick from breathing in mold, laying on mold, or ingesting mold. Tenements were also small and crowded with people, so if someone gets sick in the tenement it will spread very fast to the whole family. Tenement buildings are also very unsanitary. There were outhouses outside the buildings and these outhouses would stink up the neighborhood. Outhouses are unsanitary because the waste inside them would be stuck inside them for a long time and that can attract bugs. Furthermore, outside these tenements in the backyard, were mud and animal feces all over the place. Along with the mud and animal waste children would try to play outside but, it would be to dirty for them to go outside and play. Fires were one of the many dangers that people in tenement buildings had to face. If there was a fire it would be hard for tenement residents to evacuate the building because there was no fire escapes. Likewise, tenements residents could also have fire hazards like cigarettes or

The Wealth of Nations often considered to be merely a textbook of economics, is more of prescriptive text that endeavours to advice legislators on the manner in which it should structure those policies and institutions that support the practices of production and exchange. The purpose of doing so, it seems, is to best encourage public opulence and as a result public happiness and well-being.

This created overcrowding, disease, and the need to build more shelters to accommodate everyone. This in part, was the reason cities such as Manchester grew so large. However, the living conditions of urban cities in Europe were utterly abysmal. Disease ran amok in the streets, infecting people quite easily. For example, the city of Paris had narrow streets and buildings practically stacked on top of one of each other, leading to the same problems that most European cities at the time had. According to Edwin Chadwick, public health reformer who authored Report on the Sanitary Conditions of the Laboring Population of Great Britain, “Diseases caused or aggravated by atmospheric impurities produced by decomposing animal and vegetable substances, by damp and filth, and close and overcrowded dwellings, prevail among the laboring classes.” In this statement, Chadwick encompassed just about every problem with these large urban areas. He also provided the effects of the problems associated with the horrid living conditions, for instance the effect of education would be much more “temporary”, and the population would not be as influenced by morality. Edwin Chadwick was a socialist, which should definitely tip the reader

Smith, Adam. An Inquiry into the Nature and Causes of the Wealth of Nations. Edwin Cannan, ed. 1904. Library of Economics and Liberty. Retrieved October 26, 2014 from the World Wide Web: http://www.econlib.org/library/Smith/smWN.html

Many families were threatened by advancing cholera and smallpox which would spread very fast because they lived in the small badly ventilated tenements that housed many families. There are modern day tenements, but now they are called apartments. The definition of a tenement is “occupied by three or more families, living independently and doing their cooking on the premises; or by more than two families on floor, so living and cooking and having a common right in the halls, stairways, yards, ect.” The modern tenements are much cleaner with better lighting and

Andre Carnegie was a poor immigrant who came to the United States in a quest for the realization of the American Dream. A self-started entrepreneur who through hard work and by taking advantage of the right opportunities was able to develop an enormous wealth, signifying with it, the definite possibility of social mobility. In his essay “Wealth” of 1989 Carnegie refers to the importance of the distribution of wealth and how such fortune was there to be used by the rich for the benefit and well-being of all individuals of society. Throughout this essay I will be explaining the arguments for the redistribution of wealth made by Carnegie, while analyzing as well the factors that may have motivated him to write his famous essay “Wealth.”

In his article “Wealth”, Andrew Carnegie argues for the wealth to give back their wealth to the community by providing “public institutions of various kinds … [to] improve the general condition of the people” (Foner 30). Carnegie uses this article to promote his Gospel of Wealth idea and provide his interpretation of the changing America. Carnegie’s Gospel of Wealth stated that “those who accumulated money had an obligation to use it to promote the advancement of society” (Foner 28). Carnegie’s articles focuses on the themes of Capitalism and Inequality, which continue to shape society.

Can greed and self-interest benefit our society’s economy? majority of people would say, but one man by the name of Adam Smith would’ve disagreed. he believed that profit motive even greed could be good for the economy. This very theory spiraled an onset of controversies and debates. However, his theory shined in the right light; justified is the best solution for the economy.

Adam Smith born the year 1723 was thought to be one of the world’s greatest economists. In Fact he was known as the father of economy. He was also known by the way he thought and the way he wrote about the country's economy and in this paper I will explain the way he described and the way he thought of the economy and why his thoughts have carried on for the last two hundred years.

On March 9, 1776, The Wealth of Nations was first distributed. Adam Smith, a Scottish savant in terms of professional career, composed the book to overturn the mercantile framework. Mercantilism held that riches was settled and limited and that the best way to succeed was to accumulate gold and tax items from abroad. As per this hypothesis, this implied countries should pitch their merchandise to different nations while purchasing nothing consequently. Typically, nations fell into rounds of retaliatory duties that interfered with global exchange. Also, The Industrial Revolution started in the late eighteenth and nineteenth hundreds of years and was a time of noteworthy financial advancement set apart by the presentation of energy driven apparatus. Adam Smith and the Industrial Revolution both influenced the way we live and run things today.

Throughout the book An Inquiry into the Nature and Causes of the Wealth of Nations, Adam Smith uses the term “commercial society” rather than more accustomed words like “capitalism.” Smith explains what he means by this term,

Adam Smith was a British economist and philosopher who lived in Britain from 1723 until his death in 1790. His writings in The Theory Of Moral Sentiments (1759) and The Wealth Of Nations (1776) were the foundation of the modern capitalist system, and were wrote during- and in the wake of- the collapse of feudalism . During the era of feudalism, strict class structures allowed the upper class nobility to exploit the proletariat for the pursuit of profit, with poor working conditions, low wages and decreased quality of life for workers and their families as consequence. Smith believed that the alleviation of poverty was the key to economic success, and essentially developed the ideas in the

Adam Smith is widely regarded as the father of economics as a social science, and is perhaps best known for his work The Wealth of Nations. Throughout this work Smith states and informs towards his belief that society is not at its most productive when ruled over by rules and limitations with regards to trade, and that in order for markets to maximise prosperity, a free trade environment should be made accessible. In this essay I intend to asses the way in which many of Smiths theories taken directly form his works can be applied to past and current situations, first from an economic then social, and then a political point of view. I will also