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SOCB42; sept20.docx

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Dan Silver

The wealth of nations Adam smith 1723-1790 born in Scotland family was middle class studied moral philosophy studied in oxford he was homesick and had anxiety attacks 28; he was a full professor gave his lectures in English; it was unusual because they did lectures in latin 1759; wrote a book; theory of moral sentiments original economist didn’t have to teach anymore with the books became private tutor of a duke nature and causes of the wealth of nations nature; radical alternative to pass ideas to what it means to be rich natural resources; gold mines, oil, fertile soil cash new answer; rich country has a higher gnp per capita quantity of satisfaction enjoyed by the individual in the society is higher (ch 1-2)causes; natural resources- conquest cash; mercantilism; wealth consists in cash, export, don’t import gnp per capita; labour productivity; use the people in the best way possible. % of productive workers either of these happen, and they will get richer wealth; (ch 3-4) historical; agriculture vs. commerce Europe tried to build commerce first before agriculture Theories; exporting and importing Nations; Patrimonialism; rejected when he’s saying wealth of the nations King is rich and everyone else is dirt poor (patrimonialism) Nation’s not rich until every
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