From the Founding Father of Capitalism: Book Insights on The Wealth of Nations by Adam Smith
* Ten years in the writing, published in 1776 and still considered a cornerstone of economic thought, The Wealth of Nations provides a recipe for national prosperity that has not been bettered since. Adam Smith, a Scottish professor of moral philosophy, assumes zero knowledge of his subject in the reader, and over 200 years on still delivers valuable lessons on basic economics. * His vision of economic liberalism, based on small government and the freedom of citizens to act in their best interests, was revolutionary at the time. This was the dawn of a new industrial age, and the nature of government needed to change quickly to keep pace. * The Wealth of Nations struck a chord as it pointed to the principle of ‘natural liberty’, which puts faith in the ingenuity of citizens to pursue their economic destinies with a minimum of government interference. * Smith argued that the ‘invisible hand’ of the free market made sure that the honest labors of individuals, making good use of a country’s resources, would result in a prosperous and successful society. Theme 1: Self Interest and Personal Freedom - 0:29 Theme 2: Wealth Through Labor - 7:43 Theme 3: National Wealth and Poverty - 13:50 Like what you hear? Be sure to like & subscribe to support this podcast! Also leave a comment and let us know your thoughts on the episode. You can also get a free weekly email about the Book Insight of the week. Subscribe at memod.com/insights Want quick save-able, share-able bullet points on this book? Check out the Memo: https://memod.com/KarinRichey/eamonn-butler-on-the-wealth-of-nations-2645 THANK YOU FOR LISTENING TO BOOK INSIGHTS. READY FOR MORE LEARNING? Get unlimited access to our entire collection of Book Insights on over 100 nonfiction bestsellers with a subscription at http://memod.com/insights HEAR THE FULL INTERVIEWS MENTIONED IN TODAYS' EPISODE HERE: YouTube. (2019). Adam Smith: The Invisible Hand. [online] Available at: https://www.youtube.com/watch?v=EBifN69gcKY. YouTube. (2019). Two Sides to Adam Smith: Beyond 'Wealth of Nations'. [online] Available at: https://www.youtube.com/watch?v=1xvK93HcdJw&t=70s [Accessed 12 Apr. 2019]. Full Title: The Wealth of Nations Year of Publication: 1776 Book Author: Adam Smith To purchase the complete edition of this book click here: https://www.amazon.com/dp/B084L119MR/ref=cm_sw_em_r_mt_dp_C4CJP2DF0PJ7DKAM6TJW Book Insight Writer: Tom Butler-Bowden Editor: Tom Butler-Bowden Producer: Gabe Mara Production Manager: Karin Richey Curator: Tom Butler-Bowden Narrator: Tom Evans