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University of Toronto Scarborough
Kriste O' Neil

SOCB42 LECTURE 1 NOTESSlide 3What is Smith trying to figure out in the book Wealth of Nations Why are some countriesnations are wealthy while others arent How did he revolutionize the world He challenged two assumptions that really prevailed in his day natural resources and stored treasure guarantee a countrys wealth First thing he challenged natural resources guarantee a countrys wealth Not true Smith talks about how the countries that have access to water advanced faster than other countries Smith recognizes that theres an advantage to having good natural resources quantity and quality Smith recognized that we had people Smith used the term savages who can hunt fish take care of their elderssickchildren mend clothes and they sometimes went hungryThere was never abundance for them no matter how hard they worked Smith describes these people as miserably poor This was a clue to Smith that resources that werent enough It helped but they arent enough Second thing he challenged was the idea of stored treasure stock of cash in a country We tend to think that if a country has a lot of cash its wealthy which isnt true because there are more factors to consider To put things in our perspective when there was a recession it was hard for people to find jobs etc but there were also elite people with a lot of stored treasure which they didnt spend Stored treasure wasnt good enough to make a country wealthy according to Smith GNP Gross National ProductWe arent reducing the wealth of nations to a math calculationSlide 4What were actually doing is were recognizing that whether a country is wealthy or not reflects how it is organized socially We need to come together and act in particular ways to enable conditions that make countries wealthy Whats another way of saying that Wealth is a social product We require particular kinds of conditions to enable production in and wealth What are the right conditions The most important one for Smith division of labour Wealth of Nations pg1011Division of labour and how we organize to produce goods To take an example one in which the division of labour has been very often taken notice of the trade of the pinmaker picture on slide The way in which this business is now carried on is that one man draws out the wire another straightens it a third cuts it a fourth pointssharpens the end a fifth grinds it at the top to put the red bead on it Just by making something so simple iepin instead of it being one project it gets divided into 18 different tasksAfter 18 different tasksI have seen a small manufactory of this time where only 10 men were employed and where some of them performed 23 distinct operations One person has one
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