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The 18th century economist Adam Smith of Edinburgh asserted that human ingenuity and industry naturally made communities wealthier. However the use of artificial checks on this process by local laws, cultural and religious prohibitions and superstition, resulted in impoverishment. Wealth implies property and his doctrine emphasizes the sanctity of personal property. He believed that people handled their own property in a common sense way. They kept as much as possible by earning more than they spent. This part of his 'vision' has been widely adopted across the world as traditional ideas of property have declined. Inevitably breakdowns in Law and Order, public health and the environment interrupt the functioning of the market, but eventually it re-establishes itself.
However just as Smith launched his ideas when his native Britain had reached a certain
stage of development, so it requires a certain level of development in a state before it is possible to observe the ideas he described at work. Corruption. feudalism and nepotism all exist today. They create an unrealistic market and result in impoverishment. Smith offers no moral key as to whether impoverishment is inferior to wealth creation. He merely states that humans in an unfettered condition have a natural affinity for creating wealth.
Reading: Adam Smith, The Wealth of Nations (Edinburgh, 1776)
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∙ 15y ago
Adam Smith's vision of free markets and self-regulating economies has had a significant impact on economic theory and policies. While some aspects of his vision have been proven effective in creating wealth and promoting economic growth, criticisms remain regarding the potential negative impacts of unregulated markets on income inequality and social welfare. Overall, the extent to which Adam Smith's vision has proved true depends on the specific context and how his ideas are implemented.
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