Adam Smith and the Wealth of Nations: The Discovery of Capitalism and Its Limits [Hardcover]

This book examines the work of Adam Smith and his interest in the science of the legislator. Smiths criticism of the mercantile system and the political dimension of capitalism is discussed, alongside insight into what institutions he saw as necessary to transform the mercantile system into a system of natural freedom. Through insights into Smiths analysis of the political threats of capital accumulation and the growth of inequality, the point at which he discovered capitalism is highlighted.

This book aims to explore Smiths belief set out in The Wealth of Nations that the mercantile system was a viable, if dangerous, economic model. It is relevant to students and researchers interested in the history of economic thought.

1. Smith and Economic Liberalism.- 2. Humes challenge: Humes theory of promise.- 3. The rules of the game.- 4. The (Benign) Economic Consequences of the Mercantile System.- 5. The malignant effects of the mercantile system.- 6. Economic Progress without Capital Accumulation.- 7. The Accumulation of Capital.- 8. Employment, Money and Interest in the Wealth of Nations.- 9. Conclusion.

Daniel Diatkine is Emeritus Professor for economics at the University of Paris-Saclay and the University of ?vry.

With an unsurpassed mastery of Adam Smiths work Daniel Diatkine has written an important revisionist interpretation. By a determined concentration on the problems Smith himself saw and tried to solve, rather than the problems we may have wanted him to see and solve, Diatkine is able to set aside a good deal of the anachronism that still distorts our understanding of the Scottish thinker. Here a striking contribution is Diatkines focus on class as an important factor in Smiths analysis of the detrimental role of the people who wielded capital.

 --Prof. Knud Haako