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Name:

Primary Source Analysis Hand-Out


Due in class – Monday, October 8, 2018

1. What is the document?

The document is about the analyzes of British Colonies in Terms of the Wealth of
Nations,1776

2. Who is the author?

Adam Smith

3. Who is the expected audience?


The document was released in the press and it was intended for general public as well as
officials.
4. What is Adam Smith’s purpose for expressing these particular thoughts?
The purpose of Adam smith is to lay stress upon the free trade and giving people highly
economical reward activities for their self-interest.
5. What was Adam Smith’s perspective and potential bias?

The "interest" by which humans are motivated is "natural" in the first sense, but it may not
bring about social outcomes that are "natural" in the second sense. It will do so only if the
social institutions within which agents seek their own "interest" are well formed.

6. How do you think Adam Smith saw the world differently from others?
At the time others were imposing taxes on the trades against each other, Adam smith saw the
world differently and he advocated free trade and said that it can be beneficially for the
whole society.

7. Why do you think that differing opinions exist?


I think their exist differing points because in one paragraph he talks about moral sentiments
and in other he talks about self-interest as a good thing. The self-interest here could be mean
the greed and which is clearly opposite to the moral sentiments because morally greed is not
a good thing to crave for.
8. Whose viewpoint do you agree with most? Why?

I agree with Adam Smith’s viewpoint because the modern trade is based upon free trade
concept or taxes are regulated by International agencies. So, in a sense he enlighten the
people to think about exchange of good without heavy taxes because it was beneficial for
both the parties. Indirectly, he challenged the mercantilists approach who only encouraged
exporting their products instead of importing from others.