On The Wealth of Nations: Books That Changed the World
by P. J. O'Rourke
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Book Summary Information
Author: P. J. O'RourkeEdition: Paperback
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2007-12-21
ISBN: 0802143423
Number of pages: 256
Publisher: Grove Press
Book Reviews of On The Wealth of Nations: Books That Changed the World
Book Review: "Labour...is the real measure of the value of both silver and all other commodities."
Summary: 3 Stars
But one person mining a commodity and making into, say, a metal shovel, or a hide into a pair of shoes, or any commodity into whatever is terribly time consuming and economically inefficient. "Smith perceived that the division of labor---specialization---is the original source of economic growth." The purpose of the division of labor, wrote Smith, is "to make a smaller quantity of labour produce a greater quantity of work." Herein comes the importance of trade. So, O'Rourke summarizes, the "division of labor depends on trade;"and trade thrives on the division of labor; "As it is the power of exchanging," in Smith's words, "that gives occasion to the division of labour..."
"The United States would prove Adam Smith's own thesis: wealth depends on division of labor." And, adds O'Rourke, "trade depends on natural liberty," and "Broader prosperity requires broader markets;" "therefore Freedom = Wealth." So, O'Rourke summarizes, "Economic success depends on freedom." (Look at the weak rule of law in most basket case countries and how governmental exercise of arbitrary power in such states precludes serious development.)
O'Rourke: "Any definition of liberty that is not based on a right to property and a right to the same rights as all other people have is meaningless. What we have is ours, and nobody can push us around. This is practically all we mean when we say we are free. Other rights derive from these, when we even bother with those other rights." Smith's answer to why we have property rights was equally straightforward: "The property which every man has in his own labour, as it is the original foundation of all other property, so it is the most sacred and inviolable." O'Rourke: "Property rights are not the invention of the rich to keep poor people off their property." "It's a mistake to read The W of N as a justification of amoral greed," in other words; since "Property rights are the deed we have to ownership of ourselves."
Everyone ought be familiar with Adam Smith's insights on economic development; how dramatic and continuing development depends on freedom; how division of labor---specialization---is the original source of economic growth," and trade, its expression. Of course, you can read Smith's "On the Wealth of Nations; "a nine-hundred-page indictment of the mercantile system." Or try this distillation of that most important book by Mr. O'Rourke until you get around to Smith's.
(Obviously O'Rourke's book isn't a substitute for Smith's, but for all those purists who'd suggest that everyone ought just read Adam Smith is a bit unrealistic, as most people will simply not attempt to tackle such a massive book. If a reader wants to try the complete Smith, great; if not, then reading O' Rourke's book would not be without merit.) Cheers
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