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• Published on: 1767
• Binding: Paperback

Customer Reviews

Most Helpful Customer Reviews

1 of 1 people found the following review helpful.
Outstanding
By Kindle Customer
The rulers of Great Britain have, for more than a century past, amused the people with the imagination that they possessed a great empire on the west side of the Atlantic. This empire, however, has hitherto existed in imagination only. It has hitherto been, not an empire, but the project of an empire; not a gold mine, but the project of a gold mine; a project which has cost, which continues to cost, and which, if pursued in the same way as it has been hitherto, is likely to cost, immense expense, without being likely to bring any profit; for the effects of the monopoly of the colony trade, it has been shewn, are to the great body of the people, mere loss instead of profit. It is surely now time that our rulers should either realize this golden dream, in which they have been indulging themselves, perhaps, as well as the people; or that they should awake from it themselves, and endeavour to awaken the people. If the project cannot be completed, it ought to be given up. If any of the provinces of the British empire cannot be made to contribute towards the support of the whole empire, it is surely time that Great Britain should free herself from the expense of defending those provinces in time of war, and of supporting any part of their civil or military establishment in time of peace; and endeavour to accommodate her future views and designs to the real mediocrity of her circumstances.Best book I have ever read

23 of 23 people found the following review helpful.
The classic economic text - and more; hard going but rewarding
By Nicholas J. R. Dougan
An abridged version of the five volumes comprising "An Inquiry into the Nature and Causes of the Wealth of Nations", first published in 1776 on the eve of the American War of Independence, there are nevertheless 454 pages in this edition, supported by a forty-five page introduction and almost 150 pages of notes.The introduction, by Kathryn Sutherland, explains the structure of Smith's argument across those five volumes and why she included those elements that she did. It situates Smith's work in the intellectual context of the time. Sutherland, interestingly, is not an economist but a specialist in bibliography and textual criticism, and this may explain her greater interest in the background to Smith's ideas than in identifying the originality of his thought. As her excellent notes make clear, Smith drew on the work of many earlier writers. One of Smith's most famous examples, illustrating the importance of the division of labour into specialised but simpler tasks, pin making, is traced to an essay published by Denis Diderot in Paris in 1755. Much of his thinking on the nature of money was based on theories of John Locke writing almost a century earlier. It was interesting to discover so many of Smith's examples from the economy in the remoter parts of Scotland, often used as an example of a less developed economy than in England, were based on observations by Dr Samuel Johnson, notwithstanding that Adam Smith himself was a Scotsman, and Johnson an (adopted) Londoner who famously quipped that the finest sight in Scotland was the road to England! David Hume, Thomas Hobbes, du Halde, Mandeville are also extensively referenced, and Smith's many references to the classics and to trades and professions long since forgotten are fully explained.In the context of the credit crunch of 2008, one particularly germane section of Volume II explains the development of "promissory bills" - paper money. That bankers might lend as many as five times their deposits of silver and gold was sustainable and useful, Smith said. Money, he argued, had no intrinsic value, even if it were gold or silver, but it was the "wheel of circulation" that facilitated the faster creation of value, and the creation of additional money through paper notes allowed for more rapid economic development than in an economy limited by the availability of precious metal coinage. It seems, from recent experience, that twenty times might be going too far!I hate to think how many times I referred to Wealth of Nations back in school and university history essays without ever having read it. It is generally regarded as the first economics text, although, it much more than that, being also an historical explanation of the stages of economic development, an approach that was a precursor of Karl Marx's analysis, and a thesis on personal liberty and the proper role of government. It is rewarding to study the original, but it is not easy going. While Smith wrote clearly, I found myself having to re-read passages frequently to get my head around his long sentences and complicated structure. While the words he uses are, in the main still ones in common usage, I did realise that they were often invested with subtly different meanings. It is this, rather than any technical complexity of the underlying economics, that makes this a challenging read. Not for the faint hearted, but a rewarding read for those interested in economics and economic history. It is, as the series name suggests, a "World Classic". If, however, you want to get a rapid grasp of Smith's thinking, you might well be better to read a modern commentary.

5 of 5 people found the following review helpful.
Heavy Going
By Exiledowl
I have to agree with other buyers of books that are available for free.There is no contents list so finding your way around is difficult in what is after all a reference book and there seem to be many spelling mistakes and glitches with the layout. A small cover price for a better edition is probably worth the investment. But at least it is all here including book V on taxation.The book is heavy going being written in the language of 1775 and Adam Smith's style could not be described as succinct. It is still surprising that nearly 240 years after it was written much of the text is still relevant once you get your head around bushels etc. and pounds, shillings and pence. Hard work but worth it in the end.

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