9 mars 1776 - Adam Smith's Wealth of Nations

Description:

Adam Smith was a critic of the Mercantilist system of government and felt that state favored monopolies such as guilds prevented development. He believed that competition prevented price gouging and gave citizens a right to pick, as well as division of labor to increase worker speed and efficiency. Furthermore, the role of government should be limited to providing civil defense, maintaining order, and sponsoring certain public works to maintain a standard of living. However, he did not advocate for unregulated capitalism, believing that rise in wages of workers increased worker morale, setting the stage for economic liberalism and free market ideology of the western world.