The Wealth of Nations by Adam Smith (the best motivational books .TXT) π
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The Wealth of Nations is economist Adam Smithβs magnum opus and the foundational text of what today we call classical economics. Its publication ushered in a new era of thinking and discussion about how economies function, a sea change away from the older, increasingly-irrelevant mercantilist and physiocratic views of economics towards a new practical application of economics for the birth of the industrial era. Its scope is vast, touching on concepts like free markets, supply and demand, division of labor, war, and public debt. Its fundamental message is that the wealth of a nation is measured not by the gold in the monarchβs treasury, but by its national income, which in turn is produced by labor, land, and capital.
Some ten years in the writing, The Wealth of Nations is the product of almost two decades of notes, study, and discussion. It was released to glowing praise, selling out its first print run in just six months and going through five subsequent editions and countless reprintings in Smithβs lifetime. It began inspiring legislators almost immediately and continued to do so well into the 1800s, and influenced thinkers ranging from Alexander Hamilton to Karl Marx.
Today, it is the second-most-cited book in the social sciences that was published before 1950, and its legacy as a foundational text places it in the stratosphere of civilization-changing books like Principia Mathematica and The Origin of Species.
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- Author: Adam Smith
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Anderson, Commerce, AD 1733. β©
23 Geo. II, c. 31; 25 Geo. II, c. 40; Anderson, Commerce, AD 1750, 1752; above, here. β©
Anderson, Commerce, AD 1618, 1631 and 1662. β©
Anderson, Commerce, AD 1743, quoting Captain Christopher Middleton. β©
Anderson, Commerce, AD 1670. β©
βEight or nine private merchants do engross nine-tenth parts of the companyβs stock.β Anderson, Commerce, AD 1743, quoting from An Account of the Countries Adjoining to Hudsonβs Bayβ ββ β¦ with an Abstract of Captain Middletonβs Journal and Observations Upon His Behaviour, by Arthur Dobbs, Esq., 1744, p. 58. β©
In his Account, pp. 3 and 58, he talks of 2,000 percent, but this, of course, only refers to the difference between buying and selling prices. β©
Anderson, Commerce, AD 1743, but the examination is not nearly so comprehensive, nor the expression of opinion so ample as is suggested by the text. β©
Anderson, Commerce, AD 1713. β©
Anderson, Commerce, AD 1731, 1732 and 1734. β©
Anderson, Commerce, AD 1724 and 1732. But there was no successful voyage; the company were βconsiderable losers in every oneβ of the eight years. β©
By 9 Geo. I, c. 6. Anderson, Commerce, AD 1723. β©
This was done by 6 Geo. II, c. 28. Anderson, Commerce, AD 1733. β©
Anderson, Commerce, AD 1732 and AD 1733. β©
Anderson, Commerce, AD 1748 and AD 1750. β©
βUntil this time the English East India trade was carried on by several separate stocks, making particular running-voyages; but in this year they united all into one general joint-capital stock.β Anderson, Commerce, AD 1612. β©
Anderson, Commerce, AD 1693. β©
Anderson, Commerce, AD 1676. β©
Anderson, Commerce, AD 1681 and AD 1685. β©
The whole of this history is in Anderson, Commerce, AD 1698. β©
Anderson, Commerce, AD 1701. β©
Anderson, Commerce, AD 1730. β©
βThis coalition was made on the 22nd of July, 1702, by an indenture tripartite between the Queen and the said two companies.β ββ Anderson, Commerce, AD 1702 β©
6 Ann., c. 17. Anderson, Commerce, AD 1708. β©
7 Geo. III, c. 49, and 8 Geo. III, c. 11. β©
In 1772β ββ 3. Additions and Corrections and ed. 3 read βsubjects.β β©
13 Geo. III, c. 63. β©
House of Commons Journals, April 27, 1773. β©
The spelling in other parts of the work is βneat.β The Additions and Corrections read βnettβ both here and five lines above. The discrepancy was obviously noticed in one case and not in the other. β©
Examen de la rΓ©ponse de M. N ββ Smith
Necker ββ Cannan Au MΓ©moire de M. lβAbbΓ© Morellet, sur la Compagnie des Indes, par lβauteur du MΓ©moire, 1769, pp. 35β ββ 38. β©
6 Ann., c. 22. β©
At least as against private persons, Anderson, Commerce, AD 1720. β©
Eds. 4 and 5 insert βitβ here, by a misprint. β©
Additions and Corrections and ed. 3 read βwas.β β©
Above, here through here. β©
Anderson, Commerce, AD 1690, 1704, 1710, 1711. β©
This section, beginning here, appears first in Additions and Corrections and ed. 3. β©
Ed. 1 reads βthe youthβ as in the first line of the text. β©
Eds. 1β ββ 4 read βis.β β©
Ed. 1 reads βthe year.β β©
Rae, Life of Adam Smith, p. 48, thinks Smithβs salary at Glasgow may have been about Β£70 with a house, and his fees near Β£100. β©
Eds. 1 and 2 read βin physic.β β©
Ed. 1 does not contain βthe.β β©
Ed. 1 reads βand they still continue to be so in some universities.β β©
βNecessarilyβ and βnaturallyβ are transposed in ed. 1. β©
Ed. 1 reads βthose.β β©
Ed. 1 reads βThose two chapters were.β β©
Ed. 1 reads, βWhat was called Metaphysics or Pneumatics was set in opposition to Physics, and was cultivated.β β©
Ed. 1 reads βof.β β©
Above, here. β©
Repeated all but verbatim from above, here. β©
Hist., vi, 56; xviii, 34. β©
Ant. Rom., ii, xxiv to xxvii, esp. xxvi. β©
Repub., iii, 400β ββ 401. β©
Politics, 1340 a. β©
Hist., iv, 20. β©
Esprit des lois, liv. iv, chap. viii, where Plato, Aristotle and Polybius are quoted. β©
Iliad, xiii, 137; xviii, 494, 594; Odyssey, i, 152; viii, 265; xviii, 304; xxiii, 134. β©
Ed. 1 places βthose parentsβ here. β©
Plutarch, Life of Solon, quoted by Montesquieu, Esprit des Lois,
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