The Relevance of Adam Smith

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Relevance of Adam Smith, The Robert L. Hetzel Grade Levels: 9,10,11,12 Document Type: Supplementary Materials Description: Uses quotations from The Wealth of Nations to illustrate how Adam Smith's major ideas are still widely used. This document may be printed. The Relevance of Adam Smith By Robert L. Hetzel First First First First First Edition, First Printing.............................................. February Edition, Second Printing.......................................... August Edition, Third Printing ................................................... May Edition, Fourth Printing.............................................August Edition, Fifth Printing ................................................August FEDERAL RESERVE BANK OF RICHMOND 1977 1977 1981 1982 1984 Foreword In observance of our nation's Bicentennial, the Federal Reserve Bank of Richmond is publishing this booklet on Adam Smith's The Wealth of Nations. The similarities between Smith's great treatise and our own Declaration of Independence are indeed striking. Both were published in 1776. Both were revolutionary documents, the one signaling the birth of a nation, the other the birth of the modern science of economics. Both were reactions to the heavy hand of the state, the one to the British Crown's interference with the right of economic and political self-determination, the other to mercantilistic controls on business enterprise. Both documents stress the importance of the individual in society, and both show great concern for individual liberty. Both Smith and the Founding Fathers shared the same vision of a good society, one that would allow maximum personal freedom while harnessing the powerful force of individual self-interest to the interests of society as a whole. Both addressed the problem of finding the institutional framework that would transform the vision into a reality. And
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