7th blog post

What was Adam Smith's contribution to the discussion on the 'Wealth of Nations'

Adam Smith, author of the Wealth of Nations, began a whole new way of thinking for the time period. Instead of a mercantilism economy, Smith argued that a market system would be better for a country as a whole. This was a revolutionary idea because up to this point governments had controlled all aspects of the economy and had influenced it to gain revenues. This free market economy system, Smith states, did not need to be controlled by the government and that self interest would be the defining factor. Also, instead of the money going to the government revenues would go to the people creating a better society to live in. Smiths book was published in 1776 and had a great influence on how the United States economy is run today. The founding fathers adopted Smiths plan because they believed that it allowed for greater freedom to the citizens.