logo

48 pages 1 hour read

Adam Smith

The Wealth of Nations. The Theory of Moral Sentiments

Adam SmithNonfiction | Book | Adult | Published in 1776

A modern alternative to SparkNotes and CliffsNotes, SuperSummary offers high-quality Study Guides with detailed chapter summaries and analysis of major themes, characters, and more.

Index of Terms

Mercantilism

Mercantilism is the protectionist economic theory that countries gain wealth by accumulating gold and silver through trade. Mercantilism requires nations to export commodities in exchange for gold and silver, while hoarding their own gold and silver. Because of Smith’s writing, mercantilism has long been out of favor as an economic policy.

Labor

Labor is the physical work required to produce exchangeable value from a commodity. Labor can be comprised of a wide variety of tasks, from setting pins to writing study guides. Labor composes one-third part of the price of any good.

Profits of Stock

This refers to income derived through the employment of capital stock, whether it be raw commodities or machinery. The profits of stock are simply money generated using some asset. The profits of stock are one-third of the price of any good.

blurred text
blurred text
blurred text
blurred text
Unlock IconUnlock all 48 pages of this Study Guide

Plus, gain access to 8,650+ more expert-written Study Guides.

Including features:

+ Mobile App
+ Printable PDF
+ Literary AI Tools