Adam Smith and the Wealth of Nations

Adam Smith's "An Inquiry into the Nature and Causes of the Wealth of Nations," published in 1776, is considered one of the most influential works in the field of economics.

Source 1

Every man, as long as he does not violate the laws of justice, is left perfectly free to pursue his own interest his own way, and to bring both his industry and capital into competition with those of any other man, or order of men... The property which every man has in his own labour ... is the most sacred and inviolable. The patrimony of a poor man lies in the strength and dexterity of his hands; and to hinder him from employing this strength and dexterity in what manner he thinks proper without injury to his neighbour, is a plain violation of this most sacred property.

Adam Smith, An Inquiry Into the Nature and Causes of the Wealth of Nations, 1776

Question 1

Short answer

Identify one idea about economics expressed in the excerpt.

Question 2

Short answer

Compare the ideas expressed in the excerpt to how European economies operated before 1750.

Question 3

Short answer

Explain one way Adam Smith's belief in individual freedom and property rights relate to modern capitalist economies.

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