Adam Smith: Wealth of Nations Term Paper

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Adam quotes that small republics have derived considerable revenue from profits of mercantile projects. Adam lists Republic of Hamburg, Venice and Amsterdam that had made profits from profits of a public wine cellar and apothecary's shop. Even Great Britain has said to make profit this way. Adam quotes "Postal Office as a perfect mercantile system"; the government advances the expense of establishing the different offices, and of buying or hiring the vehicles, and is repaid with a large profit by the duties upon what is carried. Adam believes that Postal system is perhaps the most successful example of mercantile system for the government. According to him the system involves no mystery in the business, the returns are not only certain, but immediate.

ADAM'S CONCEPT of FREE MARKET

The concept of free market raised by Adam is being thoroughly reviewed by all the leading economies of the world. He suggests, "The policy of some nations has given extraordinary encouragement to the industry of the country; that of others to the industry of towns. Scarce any nation has dealt equally and impartially with every sort of industry.

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" Access to free market is major criteria that encourages and explores the opportunities of vast trade. Although the notion of free trade can adversely affect the local market, but the product whether local or foreign if fulfils the qualitative, quantitative and economic standards will capture the market. Government can play its important lead role for controlling the influx of foreign products such that the local investor doesn't suffer. A win-win situation can be negotiated upon. Government according to Adam's point-of-view should emphasis towards lending conditional support to the investor such that the productivity can be enhanced and the scope of the business can be broadened, and at the same the people should benefit from the product on compatible rates. Industrialization and its expansion are the areas of emphasis.

The development of the society can never be economic centered; rather the social and political aspects should be taken along. The sole aim of the policies of the government should be optimized gain and profitability of the people, investor. State's progress is proportional to the development of its stake holders......

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