Adam Smith: Summarized Classics: SUMMARIZED CLASSICS

By MAURICIO ENRIQUE FAU

THE GREATEST THINKERS OF HUMANITY AT YOUR FINGERTIPS, IN MINUTES !!! If you thought that you would never be able to understand the essential classical authors, then you were wrong! With our collection "Summarized Classics", YOU WILL UNDERSTAND THE MAIN IDEAS of the most important thinkers IN VERY LITTLE TIME AND WITH LITTLE EFFORT !!! The work includes an analysis of the historical context of the emergence of classical political economy, a summary of the essentials of the book Investigation on the nature and causes of the wealth of nations (1776) and a glossary. 

• Language: English
• Publisher: BOOKS AND SUMMARIES BY MAURICIO FAU
• Release date: Sep 24, 2021
• ISBN: 9798201528423

MAURICIO ENRIQUE FAU

Mauricio Enrique Fau nació en Buenos Aires en 1965. Se recibió de Licenciado en Ciencia Política en la Universidad de Buenos Aires. Cursó también Derecho en la UBA y Periodismo en la Universidad de Morón. Realizó estudios en FLACSO Argentina. Docente de la UBA y AUTOR DE MÁS DE 3.000 RESÚMENES de Psicología, Sociología, Ciencia Política, Antropología, Derecho, Historia, Epistemología, Lógica, Filosofía, Economía, Semiología, Educación y demás disciplinas de las Ciencias Sociales. Desde 2005 dirige La Bisagra Editorial, especializada en técnicas de estudio y materiales que facilitan la transición desde la escuela secundaria a la universidad. Por intermedio de La Bisagra publicó 38 libros. Participa en diversas ferias del libro, entre ellas la Feria Internacional del Libro de Buenos Aires y la FIL Guadalajara.

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Adam Smith: Summarized Classics

SUMMARIZED CLASSICS

MAURICIO ENRIQUE FAU

Published by BOOKS AND SUMMARIES BY MAURICIO FAU, 2021.

ADAM SMITH: SUMMARIZED CLASSICS

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MAURICIO FAU

Copyright © 2021 Mauricio Enrique Fau

All rights reserved.

ISBN: 9789871719082

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DEDICATION

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To my children Elías, Selva, Greta, Ciro and Yaco.

To my life's daughter Emma.

To my wife Cecilia.

WHO SMITH IS

HISTORICAL CONTEXT OF THE EMERGENCE OF CLASSICAL POLITICAL ECONOMY

INQUIRY INTO THE NATURE AND CAUSES OF THE WEALTH OF NATIONS (1776)

GLOSSARY

Table of Contents

Title Page

Copyright Page

WHO SMITH IS

HISTORICAL CONTEXT OF THE EMERGENCE OF CLASSICAL POLITICAL ECONOMY

COMMON ELEMENTS OF CLASSICAL POLITICAL ECONOMY THEORISTS:

INQUIRY INTO THE NATURE AND CAUSES OF THE WEALTH OF NATIONS (1776). | CHAPTER 1  DIVISION OF LABOR

CHAPTER 2  THE PRINCIPLE UNDERLYING THE DIVISION OF LABOR

CHAPTER 3  DIVISION OF LABOR IS LIMITED BY MARKET EXTENSION

CHAPTER 4

CHAPTER 5  OF THE REAL AND NOMINAL PRICE OF GOODS, OR OF THEIR PRICE IN LABOR AND THEIR PRICE IN CURRENCY

CHAPTER 6  ON THE COMPONENT ELEMENTS OF THE PRICE OF GOODS

ADAM SMITH: TYPES OF INCOME (REVENUE)

CHAPTER 7  THE NATURAL PRICE AND MARKET PRICE OF GOODS

CHAPTER 8

CHAPTER 9

CHAPTER 10  LAND RENT

CHAPTER 11

BOOK FOUR | CHAPTER 1  THE PRINCIPLE OF THE MERCANTILE SYSTEM

CHAPTER 2  INTRODUCTION OF FOREIGN GOODS THAT MAY BE PRODUCED IN THE COUNTRY

GLOSSARY

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Further Reading: Edgar Morin: Selected Summaries

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About the Author

About the Publisher

WHO SMITH IS

Smith, Adam (1723-1790 ): Scottish economist and philosopher, father of political economy and the most important of the so-called classical economics together with David Ricardo. Smith was the great theoretical exponent of the capitalist manufacturing of theFirst Industrial Revolution -with the cotton industry as its axis-. A fundamental basis of liberal thought, some of his main ideas are: his theory of value, which stated that labor is the source of wealth (breaking with mercantilism and physiocracy) and what gives value to things (distinction between use value and exchange value), the concept of laissez faire - linked to the free market and its invisible hand - and the importance given to individual interest, to which the State must be subordinated. Smith recognizes the existence of three social classes -workers, landowners and businessmen- with their respective incomes -wage, rent and profit- which, as a whole, intervene in a competitive market, where supply and demand coincide in a natural equilibrium price. Crucial to his theory is the concept of division of labor, i.e., the division of tasks for the production of a good, which leads to greater productivity, which in turn is the cause of the wealth of nations. Smith analyzed this division of labor in a pin factory and showed that - when tasks are correctly subdivided among numerous workers - more is produced in less time. To the question of how the division of labor can be improved, Smith pointed to machinery as the key. In the distribution of income, Smith observed a situation of social harmony, disturbed shortly after he wrote his most important work - Inquiry into the Nature and Causes of the Wealth of Nations (1776) - with theFrench Revolution. This conflictive context would pave the way for the appearance of his successor: David Ricardo.

HISTORICAL CONTEXT OF THE EMERGENCE OF CLASSICAL POLITICAL ECONOMY

In 17th century England , the second step in the development of capitalism took place: the MANUFACTURING STAGE, the basis of small urban and rural production.

IN AGRICULTURE, the advance of capitalism brought with it new forms of property and NEW CLASSES: landowners (owners of the land), tenants (tenants and organizers of agricultural production) and agricultural workers (wage earners).

The English Revolution of 1648 and the development of science are elements of the context of the emergence of classical bourgeois political economy, which according to Marx begins in England with William Petty, in France with Boisguillebert and culminates with Ricardo in England and Sismondi in France.

COMMON ELEMENTS OF CLASSICAL POLITICAL ECONOMY THEORISTS:

✓  NEW METHOD of economic research that tries to investigate the essence of the phenomenon, taking into account that the economy is a system governed by laws (which the classics believed to be natural and eternal).

✓  Priority to PRODUCTION

✓  Emergence and development of the LABOR-VALUE THEORY

✓  Analysis of economic surplus

✓  Centrality of the long term

✓  Confidence in the automatic equilibrium of the economy and the impossibility of a general crisis

Having passed the stage of simple cooperation, British capitalism entered the MANUFACTURING STAGE   in the 18th century, with a great advance in the division of labor in factories.

There will also be important changes in agriculture, producing an AGRICULTURAL REVOLUTION that implied the EXPROPRIATION OF THE FARMERS of their means of subsistence and their passage to the condition of a reserve army of WORKERS for manufacturing.

For the rest, these new workers, and in the countryside the new capitalist farmers, will be the NEW INTERNAL MARKET of consumers of consumer goods (and of the means of production, the latter) coming from capitalist manufacture.

Capitalist growth will lead to the SEARCH FOR FOREIGN MARKETS, which will require the promotion of FREE TRADE and NON-STATE INTERVENTION, as opposed to mercantilism and protectionism.

ADAM SMITH (1723-1790), in his Theory of Moral Sentiments (1759), started from the conception of a selfish, hard-working man, desirous of freedom, property and exchange, motivations that lead to constitute a natural social order, where EACH INDIVIDUAL IS RULED BY AN INVISIBLE HAND THAT ALLOWS FOR GENERAL HARMONY AND WELFARE.

THE RATIONALITY OF EACH INDIVIDUAL MAKES IT POSSIBLE TO RECONCILE THE DESIRES OF ALL AND TO ORGANIZE A SOCIETY IN WHICH ALL INTERESTS COINCIDE

In this context, the ROLE OF THE STATE is to GUARANTEE FREE COMPETITION by means of national defense, the administration of justice and the organization of those activities that do not interest businessmen. In other words, a