Trade Policies For National Enrichment - 845 Words

In Defense of Mercantilism In his Wealth of Nations, Adam Smith proposes trade policies for national enrichment, but his suggestions may actually limit the earning potential of nations. Using examples such as the pin factory, Smith clearly demonstrates that dividing labor roles among people increases efficiency. The specialization of each member allows the aggregate wealth of a nation to increase because each member took home a part of a much greater quantity of products manufactured. By that logic, specialized manufacturing among nations should increase the aggregate wealth of all nations because they produce an even greater overall quantity of a good. In many industries, however, without the promise of maintaining superior profits, manufacturers will not devote the necessary capital needed for many important technological breakthroughs. These breakthroughs are often attributed to groups aiming to maximize profit with the expectation that intellectual property rights will be pr otected. Smith’s proposed deregulation of trade to enrich nations may actually be counter-productive in certain industries where research and development are motivated by sustained high profits. Smith’s encouragement of dividing labor in domestic economies is highly logical. Using the example of the pin-factory, Smith claims that the uneducated pin-maker can only produce one pin each day. The team of ten specialized manufacturers, however, can apparently produce upwards of 48,000 pins in aShow MoreRelatedGlobalization And The Concept Of Flexibility1522 Words   |  7 Pagesforce. A core group is created with permanent, first peripheral and second peripheral employees comprising of the contractors and the daily / contract / non - standard workers. 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