HIS102Y1 Lecture Notes - Lecture 34: Free Trade
Document Summary
Precise #9 term 2 capitalism and the middle class: ii: p. 303308 365. Adam smith (17231790) wealth of naions: this treaty launched a new economic age advocate of f ree trade book 1 cause of improvement in producivity division of labour - allows specializaion, eiciency and greater output. Economy based on 3 revenue drivers: 1) rent of land 2) wages of labour 3) proits (by employers) of stoc: rent of land not connected dot 2 & 3. Wages and proits are connected - when real wealth of society stall, wages drop. Employers beneit from proit, which drives the plans and projects and labour. Merchants and manufacturers draw the greatest share of public $. This superiority is because they have a beter knowledge of their own self interest (over public interest. Therefore to widen the market and lessen compeiion would only beneit dealers, and any new law or r egulaion of commerce under this should be of concern and not adopted.
