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—Adam Smith, The Wealth of Nations, 1776. We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty, and the Pursuit of Happiness. —Thomas Jefferson, Declaration of Independence, 1776 Declaration of Independence, 17761 IN CONGRESS, July 4, 1776 The unanimous Declaration of the thirteen united States of America, “The Wealth of Nations” was published the same year as the Declaration of Independence, and has informed American thinking ever since. On July 4, 1776, the United States officially declared its independence from the British Empire when the Second Continental Congress adopted the Declaration of Independence. The Declaration was authored by a “Committee of Five”—John Adams, Benjamin Franklin, Thomas Jefferson, Robert Livingston, and Roger Sherman—with Jefferson as the main drafter. But Jefferson himself later admitted His book, "The Wealth of Nations," remains one of the most pivotal works in economic history and is described accurately in option B. Although Smith's ideas on economics have had substantial influence, he did not directly inspire the American Declaration of Independence. Adam Smith's work, The Wealth of Nations, argued that the "invisible hand" of the free market did not direct economic life more effectively and fairly than governmental intervention. The Declaration of Independence makes the right to pursue his self-interest a fundamental right of man. Within the framework of The Wealth of Nations such a right is justified, for when men behave economically so as to advance their own interests the result is also to advance the good of people generally. Find step-by-step Economics solutions and the answer to the textbook question Both The Wealth of Nations and the Declaration of Independence share the point of view that a. every person is entitled to life, liberty, and the pursuit of happiness. b. individuals are best left to their own devices without the government guiding their actions. c. before he read the Wealth ofNations. In any case, that he and so many of the founders were steeped in the jurisprudence of Kames helps to explain why they were immediately receptive to the very similar views they found in the Wealth of Nations.3 Although the impact of the Wealth of Nations can be shown to have The Declaration of Independence states the principles on which our government, and our identity as Americans, are based. Unlike the other founding documents, the Declaration of Independence is not legally binding, but it is powerful. Study with Quizlet and memorize flashcards containing terms like The ideas expressed in this excerpt most clearly show the influence of which of the following? A) John Locke's 'Second Treatise of Government' B) Adam Smith's 'The Wealth of Nations' C) Thomas Jefferson's Declaration of Independence D) Charles Darwin's 'On Origins of Species', Which idea would Sumner most likely support? It is universally confessed, that the amazing Increase of the Wealth, Strength, and Navigation of the Realm, arose from this Source; and the Minister, who so wisely and successfully directed the Measures of Great-Britain in the late War, publicly declared, that these Colonies enabled her to triumph over her Enemies. The correct answer is: B. Individuals are best left to their own devices without the government guiding their actions. Explanation: Both "The Wealth of Nations," written by Adam Smith in 1776, and the Declaration of Independence, drafted by Thomas Jefferson in 1776, are grounded in ideas that emphasize individual freedom. Two documents issued in 1776 were to have a major and lasting impact upon the world. One was the American Declaration of Independence, and the other, published on March 9th of that year, was “An Enquiry into the Nature and Causes of the Wealth of Nations,” by Adam Smith. And for the support of this Declaration, with a firm reliance on the protection of divine Providence, we mutually pledge to each other our Lives, our Fortunes and our sacred Honor. 1776 was a year of new thinking in Scotland and America. Great figures put quill to parchment, declaring that freedom was the route to prosperity - the American revolutionaries wrote the Declaration of Independence and Adam Smith published the Wealth of Nations. The publication of The Wealth of Nations in 1776 coincided with America's Declaration of Independence, and with this landmark treatise on political economy, Adam Smith paved the way for modern capitalism, arguing that a truly free market - fired by competition yet guided as if by an 'invisible hand' to ensure justice and equality - was the Nearly every printed or manuscript edition of the Declaration of Independence has slight differences in punctuation, capitalization, and even wording. To find out more about the diverse textual tradition of the Declaration, check out our Which Version is This, and Why Does it Matter? resource. Naturally, many American readers of Adam Smith’s work have been struck by the fact that The Wealth of Nations was published the same year as the Declaration of Independence. Our copy is a first edition. Who: Adam Smith. When: Adam Smith’s Wealth of Nations is a foundational treatise in economic thought. An Inquiry into the Nature and Causes of the Wealth of Nations, published in the same year as the American Declaration of Independence, is one of the great books of the classical liberal
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