Adam Smith’s conceptual contributions to international economics:Based on the Wealth of Nations

Ismail Kucukaksoy ()

Business and Economic Horizons (BEH), 2011, vol. 4, issue 1, 108-119

Abstract: The 1776 dated “Wealth of Nations” work of Adam Smith has formed economic dimension of the Industrial Revolution and also transformed economics into the identity of a social science. As if the wealth of nations, namely the welfare increase became the top goal two and a half centuries ago, it is the top goal today and in the future as well. So understanding Smith’s works well carries importance in fighting against poverty in the world. According to Smith, in the basis of the welfare increases (wealth of nations) are labor and cooperation. Tendency underlying cooperation is the tendency of swap. It is considered that understanding Smith’s works well will provide solution for poor countries and therefore contribute to poor population in the world to decrease. For solving poverty and problems concerning welfare (destitution, hunger, etc.), Smith’s works need more historic examination. In this study it was aimed to contribute to the given examination.

Keywords: Adam Smith; welfare; global economy; arbitrage; economies of scale. (search for similar items in EconPapers)
JEL-codes: B12 F13 F41 F59 (search for similar items in EconPapers)
Date: 2011
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