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Adam Smith-free Trade
Beginning of essay
In the earlier days of recorded history, nations traded to obtain more goods, especially those they couldn't produce themselves, which seems like a logical enough motive. But by the 17th century, this motive for trade gradually eroded. The desire for goods was replaced by the desire to accumulate ....
Middle of essay
....place in a rational world for measures to restrict trade through artificial barriers such as tariffs and import quotas.
Smith also elaborated how people gain by pursuing their own self-interest. "It's not from the benevolence of the baker, the brewer, or the butcher that we expect our dinner, but from their regard for their own self interest," Smith said in one of his most famous quotes (Pool and Stamos 8). People specialize in doing whatever they can do best and exchange it for something else.... |
| Number of words: 1800 |
Approximate pages: 7 |
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