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History 5: 250 years of trade history in three chapters

Planet Money Summer School

CHAPTER

Adam Smith and the Evolution of Trade

This chapter examines the historical impact of Adam Smith on economics, emphasizing his revolutionary ideas on trade as presented in 'The Wealth of Nations.' It contrasts Smith's advocacy for free trade and a focus on living standards with the early U.S. government's reliance on tariffs for protection and revenue. The narrative also explores key concepts like the infant industry argument and comparative advantage, illustrating the ongoing influence of Smith's principles in modern trade discussions.

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