Adam Smith PSA

Smith, Adam. The Wealth of Nations (Excerpts). Modified from the Modern History Internet Sourcebook. 1776. Fordham University. http://www.fordham.edu/halsall/mod/adamsmith-summary.asp (accessed September 18, 2013).

Adam Smith wrote this primary source in 1776 when the Industrial Revolution was rising. The source was written so Smith could express his ideas on society and its principles. Adam Smith was known as the father of political economy. He was an Oxford grad and a well known enlightenment thinker. He is a believable source because he studied society and economy for a living. Even though most of his books were published before Industrialism they had a great impact on the people of the Industrial Revolution. The first excerpt talks about Smith’s idea that division of labor increases productivity always. He used three reasons to back this up. First it gives you a lot of knowledge on one particular trade. Secondly, if you focus on one task it saves time because you don’t have to get new materials. And third if you become familiar with one specific job it will lead you to coming up with ideas of technology that will make the job easier. In the second Excerpt Smith talks about trade being natural. He says how when two people make a trade they both benefit from it. A limit of Adam Smith’s source is that his ideas do not apply to modern day government and society.

(all lines should be indented after the first)

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