As Adam Smith Put It So Eloquently in the Wealth

question 73

Multiple Choice

As Adam Smith put it so eloquently in the Wealth of Nations,"If a foreign country can supply us with a commodity cheaper than we ourselves can make it,...

• A)...it is only right that we should learn their method of production,so that we too can master the commodity..."
• B)...then we would be well-served to include them in our supply chain..."
• C)...better buy it from them with some part of our own industry..."
• D)...we should barter with them or take it by force if they prove to be unreasonable..."

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Definitions:

Slaveholding Class

Refers to the segment of society that owned slaves, primarily found in societies with agrarian economies where slave labor was used for agricultural production.

Paternalist Ethos

A belief system or societal attitude that promotes the idea of providing guidance or caring for others in a manner reflective of a parental figure.

Planter Class

Refers to the social class of wealthy farmers or landowners who owned plantations and often slaves.

Gradual Emancipation

A process of legislative decisions that aimed to end slavery slowly by setting future dates for the liberation of enslaved peoples or by stipulating conditions under which emancipation could be achieved.