Adam Smith on power and maritime trade

Research output: Contribution to journalArticlepeer-review

1 Citation (Scopus)

Abstract

Adam Smith's An Inquiry into the Nature and Causes of the Wealth of Nations is often interpreted as an explanation of the self-regulating nature of the market system, where an "invisible hand" leads to a harmonious coordination of different economic agents' pursuit of self- interest, so that economic development is brought about naturally through the division of labor. However, a closer reading of Smith's contribution shows that he saw the expansion of the market as a process typically driven by military and political power. For Smith, cases of a natural and spontaneous growth of industry occur only due to exceptional circumstances.
Original languageEnglish
Pages (from-to)38-56
Number of pages19
JournalMediterranean Studies
Volume22
Issue number1
DOIs
Publication statusPublished - 2014

Keywords

  • Atlantic colonies
  • Conduct
  • Mediterranean colonies
  • Power
  • Smith
  • Surplus
  • Trade

Fingerprint

Dive into the research topics of 'Adam Smith on power and maritime trade'. Together they form a unique fingerprint.

Cite this