The Wealth Of Nations Part 2 (Adam Smith)

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      Lesson summary:

      In the second part of Adam Smith’s “The Wealth of Nations,” the author discusses several takeaways for increasing wealth. The first takeaway is that people and countries should focus on what they are naturally good at and outsource the rest. The second takeaway is that globalization is a shortcut to increased wealth. The third takeaway is that free trade is superior, and governments should not interfere with the market. However, governments should have a responsibility to provide defense, justice, infrastructure, and basic education. Finally, Smith suggests that taxes should be based on equality, certainty, convenience, and efficiency. While a wealth tax may seem like a good idea, it may not be efficient or fair.

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