Description
In Book IV, Smith critically examines mercantilism and other prevailing economic systems of his time, arguing in favor of free trade and competition. He challenges the idea that wealth comes from hoarding gold and silver, instead asserting that real wealth lies in productive labor and open markets.
Book V shifts to the role of government, addressing how a nation should fund public institutions, defense, and infrastructure. Smith explores taxation, justice systems, and education, laying the groundwork for modern public finance theory.
This volume is essential for understanding how Smith’s ideas helped shape economic thought, promoting the principles of individual liberty, limited government, and economic efficiency.
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