The Real Adam Smith: Ideas That Changed The World

  • Published 4 years ago
  • 4

Adam Smith is widely considered the “father of economics”. It is his ideas that helped us build the economy we have today. What is interesting is that he lived in the 18th century, but his ideas were way more modern and futuristic.

Smith wrote what many consider the bible of capitalism. His book “The Wealth of Nations” explains deeply and in details how the first system of political economy should look like.

The fun thing is that his ideas were actually more socialistic than capitalism if you think about it. For example, Smith believed that the economy would benefit more if more wealth was distributed to the common people.

What we have today is totally the opposite, with 1% of the population owning more than 90% of the wealth.

This documentary takes a look at all of his economy ideas, including his theory of compensating wage differentials. He saw no role for government in economic life, but what happened is governments used his ideas and twisted them to suit the government.

When you look at his ideas, you need to understand that he was first and foremost a moral philosopher, and than everything else.

From Around the Web

Related Videos

A supply chain is a network of individuals and companies who are involved in a creating a product and delivering it to the customer.It begins with the sourcing of raw materials, wh...

  • 107
  • 1 week ago
  • Not Rated

A growing debt crisis, dwindling forex reserves and soaring inflation have pushed Pakistan to the brink of an economic disaster.These were some of the factors which contributed to ...

  • 144
  • 3 weeks ago
  • Not Rated

Sri Lanka, formerly known as Ceylon and officially the Democratic Socialist Republic of Sri Lanka, is an island country in South Asia. It lies in the Indian Ocean, southwest of the...

  • 164
  • 3 weeks ago
  • Not Rated

Despite separating from Somalia over 20 years ago, the state of Somaliland is still unrecognized by the rest of the world. Life here is hard.The popular series Dicing with Death br...

  • 163
  • 4 weeks ago
  • 7(1)
Avatar

4,752 Videos / 17,341,570 Views
Tags

Related Articles
Her calling card was her robe de style dress. This gown hung straight and narrow on the torso, but then ballooned out wi...
  • 2,432
  • 2 years ago
Escondida produces more than 1 million tons of copper per year, which is about 5% of the global production. That is even...
  • 3,478
  • 2 years ago
At the peak of his fortune, Jesse had a net worth of $100 million. That was back in 1929. In today’s money, that would...
  • 3,646
  • 2 years ago
The term first appeared in the early 1970s. The origin of the term can be found in the word “kacho-byo”, which trans...
  • 4,001
  • 2 years ago