The main reasons presented in The Wealth of Nations to advocate the system of economic liberty and reject mercantilism are analysed. These two systems are evaluated considering basically their impact on the annual product, and the degree of liberty and justice they engender. Based on his views on man and of capital hierarchy, Smith defends the superiority of economic liberty in what concerns the growth of the annual product. This system is also considered superior to mercantilism in terms of justice since it does not privilege any sector of society and allows a great level of liberty to the individuals.
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Length: Date of creation: 2005 Date of revision: Handle: RePEc:anp:en2005:005
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Find related papers by JEL classification: B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
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