the wealth of nations, continents and the world.docVIP

the wealth of nations, continents and the world.doc

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the wealth of nations, continents and the world

2 Wealth and Welfare of Nations, Continents and Corporations Phillip Anthony O’Hara Taken from: P.A. O’Hara (2004) (ed.), Global Political Economy and the Wealth of Nations: Performance, Institutions, Problems, and Policies, Routledge: London and New York, ch. 2, pp. 36-56. 2.1 Introduction Adam Smith’s seminal contribution to political economy, The Wealth of Nations (1776), has provided us with both a profound statement of the nature of the science of political economy as well as some magisterial insights into the source and impact of wealth generation. The principle objectives of political economy, according to Smith, are “to provide a plentiful revenue or subsistence for the people, or more properly to enable them to provide such a revenue or subsistence for themselves” as well as to “supply the state or commonwealth with a revenue sufficient for the public services.” Together, these objectives seek “to enrich both the people and the sovereign” (Smith 1776: Book IV, 1: 332). Smith challenges the mercantile perspective that precious metals are of prime importance by arguing that the relative productivity of labor is the critical source of the wealth of nations. Stephen Parente and Edward Prescott (1993: 1) assume from this that Smith’s analysis “leads naturally to per-capita gross domestic product (GDP) as the appropriate measure of wealth.”1 Yet it must not be forgotten that Smith is the author of The Theory of Moral Sentiment (1759), and that even his The Wealth of Nations is imbued with philosophical and theological underpinnings. As A.M.C. Waterman (2002) argues, The Wealth of Nations “may be read as a work of natural theology”, where human interests can be promoted only if the social institutions are well formed. In the Theory of Moral Sentiments, as well, Smith argues that an obsession with wealth and power and neglect of the poor and sick is “the most universal cause of the corruption of our moral sentiments” (Smith 1759: 61), which can adversely affect th

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