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Saadia B.'s Reviews > The Wealth of Nations
The Wealth of Nations
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Oh this book was such a tiresome read that I finished 4 other books before completing this one.
Started to take toll on me with so much unnecessary explanations which made no sense. Sometimes cringe worthy!
Adam Smith was one of the few individuals who wanted the economic cycle to run itself. Hence he was in full support of market setting the momentum. But can we give such liberty to markets? With inflation, resources cramped within few hands and power politics his notion have failed to a large extend in today’s world. As the richer are getting rich with each day whereas the poor are left on their mercy which never comes.
Nonetheless this book gave certain valuable parameters which can be used and revised to make things better. According to him abundance or scantiness depend upon two circumstances:
1. By skill, dexterity and judgement with which it’s labour is applied
2. By the proportion between the employer and unemployed
Wages, rent and profit are the three original sources of all revenues and exchangeable value. Altogether there are 3 classes who contribute towards the annual produce of the land and labour:
1. The proprietors of land
2. Cultivators, farmers and country labourers who are honoured with the peculiar appellation of the productive class
3. Class of artificers, manufactures and merchants who endeavour to degrade by the humiliating appellation of the barren or unproductive class
The sovereign as in the state has only three duties to attend to:
1. The duty of protecting the society from violence and invasion of other independent societies
2. The duty of protecting every member of the society from injustice or oppression by every other member of it
3. The duty of erecting and maintaining certain public works and institutions
Though Smith kept condemning the Mercantile System but his free markets have led to the very anarchy which even mercantilist couldn’t bring in the world.
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Started to take toll on me with so much unnecessary explanations which made no sense. Sometimes cringe worthy!
Adam Smith was one of the few individuals who wanted the economic cycle to run itself. Hence he was in full support of market setting the momentum. But can we give such liberty to markets? With inflation, resources cramped within few hands and power politics his notion have failed to a large extend in today’s world. As the richer are getting rich with each day whereas the poor are left on their mercy which never comes.
Nonetheless this book gave certain valuable parameters which can be used and revised to make things better. According to him abundance or scantiness depend upon two circumstances:
1. By skill, dexterity and judgement with which it’s labour is applied
2. By the proportion between the employer and unemployed
Wages, rent and profit are the three original sources of all revenues and exchangeable value. Altogether there are 3 classes who contribute towards the annual produce of the land and labour:
1. The proprietors of land
2. Cultivators, farmers and country labourers who are honoured with the peculiar appellation of the productive class
3. Class of artificers, manufactures and merchants who endeavour to degrade by the humiliating appellation of the barren or unproductive class
The sovereign as in the state has only three duties to attend to:
1. The duty of protecting the society from violence and invasion of other independent societies
2. The duty of protecting every member of the society from injustice or oppression by every other member of it
3. The duty of erecting and maintaining certain public works and institutions
Though Smith kept condemning the Mercantile System but his free markets have led to the very anarchy which even mercantilist couldn’t bring in the world.
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Reading Progress
Finished Reading
July 28, 2019
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Fahad
(new)
Aug 07, 2019 04:31AM
These classics have too much detailed yet vague content.
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Hi Fahad, This one is such a drag that multiple times I have kept it aside just to read another book. Have been able to finish them but not this. Unnecessary explanation = tiresome read. Its actually taking a toll on me now.
Saadia B. wrote: "Hi Fahad, This one is such a drag that multiple times I have kept it aside just to read another book. Have been able to finish them but not this. Unnecessary explanation = tiresome read. Its actua..."
Totally agreed. I've started a similar book and now I'm unable to finish it. We should stop perusing a book if we don't enjoy it.
Unfortunately I can't keep a book aside once I have started it. Whether that is a good thing or a bad, I don't know as yet. My philosophy is hang in there you can finish this :D
Saadia B. wrote: "Unfortunately I can't keep a book aside once I have started it. Whether that is a good thing or a bad, I don't know as yet. My philosophy is hang in there you can finish this :D"I hope to re-learn this skill. It's quite valuable though.
Good luck with that :)
Total respect that you’ve bothered. I’ve just read synopsis!!
Hi Ceecee, Thank you for the encouragement.
Thanks for writing this, Saadia. I'm not fond of what people tend to say about Adam Smith and the invisible hand and I wish to read this book so I can take a look at the source of these ideas. By what you wrote, I take that it is crucial to locate the ideas of the book on their timeline and evaluate them having in mind that our contemporary world is very much different from Smith's, starting at the scale to which industrialism developed all the way to the implementation of internet and social medias.
Hi Diego, I totally agree with your point of view. However still Adam Smith and his theories are made relevant in today's time due to their notions. Capitalists try to justify their doings by quoting Smith. So in one way or another Smith is still playing a huge part in shaping our economic realities, which we can't deny.
