Paper Summary:

This paper focuses on economic policy strictly based on the context of Adam Smith's "An Inquiry into the Nature and Causes of the Wealth of Nations" and Smith's contemporary view of foreign and international commerce.

Outline:
Objective
Introduction
Smith on Capital of a Society
Domestic Produce
Free Importation of Goods
Taxation on Necessities
Summary and Conclusion

From the Paper:

"Advantages of a monopoly of the home market are held primarily by the merchants and manufacturers. Smith relates that it allowed were "the free importation of foreign" goods that the manufacturers in the home country would likely suffer and "some of them, perhaps go to ruin altogether with "a considerable part of the stock and industry at present employed in them would be forced to find out some other employment." (1776) In relation to free importation of agricultural produce Smith holds that free importation "could have no such effect upon the agriculture of the country. Smith addresses importation of foreign corn and cattle and states that prohibition of importation of these two "is in reality to enact that the population and industry of the country shall at no time exceed what the rude produce of its own soil can maintain. " (1776) "

Sample of Sources Used:

• Introducing Big Government (1999) Finance and Economics - The Economist 23 Dec 1999.
• Smith, Adam (1776) An Inquiry into the Nature and Cause of the Wealth of Nations. Book Four - Of Systems and Political Economy.

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