The argument in The Wealth of Nations by Adam Smith depends on the Essay - 1

The argument in The Wealth of Nations by Adam metalworker depends on the possibility of failure. Why is this so What implications does this have - Essay ExampleSmith has based his theories about opulence on the general principle that man is not by genius a benevolent creature but is rather motivated by self interest to seek the best benefits for himself, it also follows that viewed from the other side of the coin, such actions to promote himself and improve his own welfare overdress out of a reluctance to fail. The extent of mans industriousness and motivation are hooklike upon the depths to which he expects to fall if he fails.Smiths views were offered in the context of mercantilism where a protectionist insurance policy on trade and a free market was preferred, under the mistaken notion that wealth could be preserved within the boundaries of rich nations only by preventing free trade. Smith contested the prevalent views that declared England would soon be ruined by trade with foreign countries and that in almost all our mercenary dealings with other nations, we are losers, leading to the assumption that England would be drained of her wealth through such trade and this would lead to poverty.(Smith, 1775 I18) consequently the policy of protectionism was mooted by those who were afraid of failure and passing play of the wealth and riches they had accrued.Smith on the contrary believed that money was not consumable and that the consumption of goods was the greatest acknowledgment of wealth and also the source of mans industry which led to additional wealth. Therefore, his views rebutted the belief that indulge in a free trade of goods would produce failure in that it would lead to a loss of wealth. He argued that inspite of the arguments that had been advanced by political writers for decades that in a few years we would be decrease to an absolute state of poverty , the realities of a system of free trade and exchange between nations in truth demonst rated that rather than the feared loss of money actually coming through, we find ourselves far richer than before. (Smith, 1776, I19).Therefore Smiths arguments