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jan 1, 1776 - Adam Smith: The Wealth of Nations

Description:

In 1776, Adam Smith published his Wealth of Nations in which he said that the State should not interfere with the economy but should let the laws of supply and demand operate freely. The implication of this for poor relief was that those who could not work should be allowed to fend for themselves - and starve if necessary - rather than having the State provide any form of relief. Further, it was thought that men would work for any wage rather than starve themselves and their families; lower wages would benefit employers and reduce the price of food.

Added to timeline:

Date:

jan 1, 1776
Now
~ 249 years ago