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Employment, Money and Interest in the Wealth of Nations

In: Adam Smith and the Wealth of Nations

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  • Daniel Diatkine

    (University of Paris-Saclay, Univ Evry)

Abstract

Employing a worker, borrowing or lending are all the activities that share the fact of removing, at least partially, the anonymity that characterises market exchange relations, as the relationship of wage dependency implies the subordination of the worker to his (or her) sole employer, while the borrower is bound to his (or her) creditor by a promise made to the latter. Smith never states that these new dependency relationships (in wage earning and finance) are necessary for defining the advanced state. However, he stresses that they are frequent, that they are sources of common conflicts, and that government measures are required to mitigate their effects.

Suggested Citation

  • Daniel Diatkine, 2021. "Employment, Money and Interest in the Wealth of Nations," Palgrave Studies in the History of Economic Thought, in: Adam Smith and the Wealth of Nations, chapter 0, pages 199-229, Palgrave Macmillan.
  • Handle: RePEc:pal:pshchp:978-3-030-81600-1_8
    DOI: 10.1007/978-3-030-81600-1_8
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