Global economics

Anonymous
timer Asked: Jan 22nd, 2018
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Question description


1. 
What significant events were occurring in England and North America at the time that The Wealth of Nations was written?

(3 points)


2.  What was Adam Smith's purpose in writing The Wealth of Nations?

(3 points)


3.  Why does Smith think that pursuing personal interests is a more effective way to benefit society than trying to pursue the interest of society as a whole?

(3 points)


4.  Why does Smith think that the government should stay out of economic affairs?

(4 points)


5.  Are there any reasons why Smith's model of capitalism might not be a successful argument in favor of the free-market system? Explain.

(4 points)


6.  Smith points out the possibility of producers contriving to raise prices. Are there other problems with the free-market system that he did not point out?


Tutor Answer

benwamonicah
School: Rice University

Attached.

Running Head: THE WEALTH OF NATIONS

The Wealth of Nations
Institution Affiliation
Date:

1

THE WEALTH OF NATIONS

2

1. What significant events were occurring in England and North America at the time that The
Wealth of Nations was written?
The wealth of the nations was written during one of the most significant years of the
American society. Adam Smith in 1776 wrote the book. During this period the American nation
declared its independence. The year 1776 is recognized by the citizens as the year of American
Revolution (Horne, 2016). Thus, when the wealth of nations was written, it was marked as an
essential period for England and North America. The British people were forced to accept that
the United States was an independent nation. North America declared its independence whereas
England was forced to accept that the US would no longer be under colonial rule.
2. What was Adam Smith's purpose in writing The Wealth of Nations?
The book “The wealth of nations” had a gre...

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