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Adam Smith's The Wealth of Nations Chapter Summary. Find summaries for every chapter, including a The Wealth of Nations Chapter Summary Chart to help you understand the book.
- Main Ideas
Division of Labor The division of labor—splitting up a task...
- Main Ideas
Often considered the foundational text of modern economics, Adam Smith’s massive 1776 treatise The Wealth of Nations addresses a wide range of interconnected questions about how labor, consumption, trade, and good government can help societies grow wealthier over time.
In The Wealth of Nations, Smith analyzes what constitutes the wealth of a country and reasons why certain nations obtain more per capita wealth than others. It introduces economic principles that were new at the time—and these principles continue to govern the world today.
The Wealth of Nations study guide contains a biography of Adam Smith, literature essays, a complete e-text, quiz questions, major themes, characters, and a full summary and analysis. Best summary PDF, themes, and quotes.
Need help with Book 1, Chapter 1 in Adam Smith's The Wealth of Nations? Check out our revolutionary side-by-side summary and analysis.
In summary, the mercantile system wrongly sees gold and silver as the measure of wealth, and it tries to build a nation’s wealth by modifying the balance of trade. It uses six kinds of policies, two to restrict imports and four to grow exports.
Book 1, Chapter 1 Summary: “Of the Division of Labour” Smith contends that specialization—that is, the division of labor—is the central component to economic efficiency.
