Adam Smith's theory of economic history and economic development

Kwangsu Kim

The European Journal of the History of Economic Thought, 2009, vol. 16, issue 1, 41-64

Abstract: The aim of the paper is to show that Smith has a theory of economic history grounded in a politico-economic modeling (as well as a sort of economic theoretical modeling). In terms of the politico-economic approach, in the Wealth of Nations (Book III.ii-iv) Smith tried to offer a systematic account of economic development from feudalism to capitalism in Europe. These lead to suggest that the seeming internal inconsistency between the natural and the actual courses of progress in Book III may be resolved, and that Smith may be treated as a precursor of Douglass North, who stressed an inextricable link between the polity and the economy in economic history.

Keywords: Adam Smith; theories of economic history; economic development; polity and economy; just institutions and economic performance (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (3)

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DOI: 10.1080/09672560802707407

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