Revisiting the "father of capitalism"
The Gray Area with Sean Illing
Redefining National Wealth Beyond Gold
Exploration of political economy involves understanding the production and flow of national wealth and the interplay of competing interest groups. Smith challenges the mercantile system's definition of national wealth as merely the accumulation of gold and silver, which fosters a system incentivizing exports over imports and monopolistic practices. He emphasizes the importance of statecraft and legislative science in managing economic resources and crises, advocating for a more holistic understanding of wealth that transcends simple coinage metrics.
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