In yesterday’s discussion of colonies, #AdamSmith was really good on a lot of issues—particularly on condemning murdering Indigenous people, despoiling colonies in search of gold that ain't there, and then pretending you're doing it all for God. #WealthOfTweets #SmithTweets
That phrase “give place to” cloaks a lot of horrors. (IV.vii.b.1) #WealthOfTweets #SmithTweets
Workers + land + money ➡ kids!
And more people ➡ prosperity. (IV.vii.b.2–3) #WealthOfTweets #SmithTweets
Other European colonies were less immediately splendid. Being less immediately splendid helped with the independence. (IV.vii.b.7) #WealthOfTweets #SmithTweets
https://t.co/7l6vzHdlm5
Like. Sure. But MAN. He couldn't have said that about the triangular trade?! Especially since he compares these restrictions to slavery. (IV.vii.b.44) #WealthOfTweets #SmithTweets
Politically, they're independent: local legislatures, representative government, non-tyrannical executives. (IV.vii.b.50–51) #WealthOfTweets #SmithTweets
Smith does not like slavery. He’s opposed for moral and economic reasons.
But he does need to analyze it. (IV.vii.b.54) #WealthOfTweets #SmithTweets
English planters, having more liberty, used it to be awful. (IV.vii.b.54) #WealthOfTweets #SmithTweets
On both counts, this is where the focus on freedom in the English colonies is a bad thing. (IV.vii.b.54–55) #WealthOfTweets #SmithTweets
They were begun in folly and injustice and led to the destruction of harmless peoples. (IV.vii.b.58–59) #WealthOfTweets #SmithTweets
No points awarded for war and persecution. #Good (IV.vii.b.61–62) #WealthOfTweets #SmithTweets
More from @AdamSmithWorks
Book II of #WealthOfNations! It's all about stock! Not the kind you fill with chicken and noodles, but the kind that (according to #AdamSmith) makes commercial society go 'round. (II.intro)
https://t.co/FlxQLGdjbW
#WealthOfTweets #SmithTweets
First! A quick review: without division of labor, every person must provide everything they need. No one accumulates or stores up stock. You do what you can with what you have when you have it. (II.intro.1) #WealthOfTweets #SmithTweets
But once the division of labor develops (remember, it’s the secret sauce!) we have so many wants that we can’t provide for them all ourselves. Most of them are provided for by others, and we purchase their labor with our own. (II.intro.2) #WealthOfTweets #SmithTweets
Here's why this all matters when we think about stock: we can’t purchase other people’s labor until we have completed (and been paid for) our own. So we need a stock of supplies to sustain us until we can finish our work and get paid. (II.intro.2) #WealthOfTweets #SmithTweets
Obviously, we need that BEFORE we start working in this way. So to get the division of labor you need the accumulation of stock. It’s an ingredient of the secret sauce. (All the best sauces are made with stock!) (II.intro.3)
https://t.co/wi1HtrmBPb
#WealthOfTweets #SmithTweets
https://t.co/FlxQLGdjbW
#WealthOfTweets #SmithTweets
First! A quick review: without division of labor, every person must provide everything they need. No one accumulates or stores up stock. You do what you can with what you have when you have it. (II.intro.1) #WealthOfTweets #SmithTweets
But once the division of labor develops (remember, it’s the secret sauce!) we have so many wants that we can’t provide for them all ourselves. Most of them are provided for by others, and we purchase their labor with our own. (II.intro.2) #WealthOfTweets #SmithTweets
Here's why this all matters when we think about stock: we can’t purchase other people’s labor until we have completed (and been paid for) our own. So we need a stock of supplies to sustain us until we can finish our work and get paid. (II.intro.2) #WealthOfTweets #SmithTweets
Obviously, we need that BEFORE we start working in this way. So to get the division of labor you need the accumulation of stock. It’s an ingredient of the secret sauce. (All the best sauces are made with stock!) (II.intro.3)
https://t.co/wi1HtrmBPb
#WealthOfTweets #SmithTweets