Adam Smith's "Wealth of Nations"

            Hailed as the foundation for modern economic literature, The Wealth of Nations came about in the same time period as the American Revolution and matched the Revolution in novelty and genius (Cropsey). It was printed in the same year as the Declaration of Independence and is a reflection of the times with its call for an extension of liberty. Adam Smith, the Scottish Author, gave voice to many revolutionaries’ desires for freedom in the marketplace as it refuted the practice of mercantilism and paired the abstract of freedom with an new concrete theory of free markets.

            The accepted economic theory of the day was mercantilism. Mercantilism was the practice of determining a nation’s wealth by how much treasure the nation had. The main component of this practice was the government’s regulation of trade to assure that as much money as possible stayed within their economy. Adam Smith refuted this system by arguing that a nation’s wealth should be determined by the lifestyle of its people, or, in other words, by the per capita income. He also argued that “the invisible hand of the free market directed economic life more effectively and fairly than governmental intervention” (Foner 224). 

            The principle of free markets was founded on the principle that if a person is left free to act, their human nature compels them to act rationally in their own self interest. As every person acts in their own interest, each trade will be for the benefit of both parties, though they may not profit equally. Some of the pragmatic elements of a market economy include flexible currency, private corporations, industrialization, and consumerism.

            This new theory of free markets fit exactly with the revolutionaries’ ideals of liberty and personal responsibility. As the war ended and an economy was built, the principles found in the Wealth of Nations were incorporated into their system. The writers of the United States Constitution were careful to include no mention of how an economy or a financial sector should be run, to avoid beginning a tradition of government regulation. Free market theory also affected how the banking system and treasury department were organized.

            Adam Smith presented many new, exciting economic ideas which quickly spread aross the world. Its influence was especially timely in the forming of the new American nation. Through the rebuttal of mercantilism and an expansion of liberty into concrete theory, The Wealth of Nations became a foundation for modern economics.

Works Cited

Cropsey, Joseph. "Wealth of Nations, The." Encyclopedia Americana. 2009. Grolier Online. 3 Nov. 2009

Foner, Eric. Give Me Liberty!, Second Edition, Volume 1 (Give Me Liberty). 2nd ed. Vol. 1. New York: W. W. Norton, 2007. Print.

Holzapfel, Richard. "Lecture in BYU American Government and Society Course." Brigham Young University, Provo, Utah. 28 Oct. 2009. Lecture.

The Revolution of Sober Expectations

Why was the American Revolution special? Have there not been scores of other revolutions throughout history with equally compelling motives? In a speech entitled “The Revolution of Sober Expectations,” Martin Diamond presents evidences to why the American Revolution stands separate from the rest.


First, one must note that, unlike others, the American Revolution was not led by unchecked passions. British Troops began occupying Boston in 1768, the Boston Massacre occurred in 1770, the Battles of Lexington and Concord were in the spring of 1775, and still the Continental Congress did not declare independence until July 4, 1776. Many of the signers of the Declaration were still hesitant to sign at that time. They understood the severity of their actions. This is why the Declaration lists the offences that the King and Parliament had committed, explaining to the world their justification for this apparent treason.

The Declaration of Independence put forth the main idea for which the American Revolution would be fought – the ideal of civil liberty. Civil liberty was an ideal which not only inspired, but was also attainable. The signers did not seek to create a utopian state, but sought after a goal which was realistic and pragmatic.

Also, there is something absolutely vital to a new nation that is absent from the Declaration. There is no mention of a new government. Mr. Diamond says, “The makers of the American Revolution did not think themselves in possession of the simple and complete political truth, capable of instant application as a panacea for government.” Thus, the Declaration of Independence was only half a revolution.

The revolution was completed with the ratification of the Constitution. Through extensive debate and argumentation came a sober analysis of how this new government should be run. Many people celebrate America creating the first modern democracy, but in reality most of the Founding Fathers were against a pure democracy and were extremely concerned about the plausibility and consequences of such a government. Over the course of a long, hot summer of protracted political debate, they created a government which they called a “democratic republic.” They thereby were able to include the necessary benefits of democracy, while retaining tried governing principles of a republican nation. The government they set up has now lasted more than 230 years. Mr. Diamond said of the Constitution’s ratification that:

“At precisely that moment of crisis when other revolutions turn turbulent, begin to devour their own, and dash all the initial hopes, at precisely that moment ripe for disaster, the American Revolution achieved its glory by a unique moment of stillness and sobriety.”

The American Revolution was one of sober expectations. The Founding Fathers knew the risks they were taking, and took the time to be sure of what they were doing. They considered each step and were critical of each principle. They were skeptical, sober, and realistic, while always keeping in sight their goal of liberty. It was a revolution like no other.

Works Cited

Diamond, Martin. "The Revolution of Sober Expectations." Independence Square, Philadephia, in the House of Representatives Chamber, Congress Hall, Philadelphia. 24 Oct. 1973. Speech.

John Adams: Fighting for Independence

Of all the Founding Fathers I have studied, John Adams has never been one to stand out in my mind. Certainly, I know he was an important player in the events, but I have never really paid him much heed. He did not lead the armies, like General George Washington. He did not author a monumental document, as did Thomas Jefferson. He was not clever and inventive, as was Benjamin Franklin. He did not even lead exciting revolts, as did his cousin Samuel Adams when he led the Boston Tea Party. However, I have come to find that Mr. Adams was just as important a figure as any of these gentlemen, if not more.


As a lawyer from the Massachusetts Bay Colony, John Adams did many of the “behind-the-scenes” jobs that we don’t pay attention to, and yet are often the most important. Specifically, I will discuss his role in helping the Colonies to transform into free and independent states.

It was Mr. Adams who headed the Massachusetts delegation to the Continental Congress and was one of the most active voices in that chamber. It was Mr. Adams who called incessantly for support of the Massachusetts militia, who were the first, and for a long time only, militia fighting back against the British forces near Boston. It was also Mr. Adams who proposed that they select a Commander-in-Chief to lead these armed forces, and then suggested Colonel George Washington from the Virginia delegation to fill the position. Mr. Adams was Washington’s most ardent voice in Congress when the armies needed money or supplies.

Mr. Adams was also the foremost supporter of independence. He was one of the first congressmen to even put forth the idea. It was he, along with Benjamin Franklin, who asked Thomas Jefferson to write the Declaration of Independence. When Independence was finally to come to a vote, John Dickinson, the foremost opponent of the proposal, stood and spoke with great eloquence and genuine concern about the consequences of such a Declaration. When he finished, no one dared respond until John Adams at last took the floor. What followed was a speech that many said was the finest Adams ever gave. Thomas Jefferson later said of the speech that Adams was “not graceful nor elegant, nor remarkable fluent,” but spoke “with a power of thought and expression that moved us from our seats (McCullough 127).” It was the turning point of the debate. Richard Stockton, a delegate from New Jersey said that Adams was “the man to whom the country is most indebted for the great measure of independency. . . . He it was who sustained the debate, and by the force of his reasoning demonstrated not only the justice, but the expediency of the measure (McCullough 127).” Once the vote took place and motion for independence had passed, Adams continued on to be the zealous protector of the Declaration and every phrase and concept that Jefferson had written therein.

As Richard Stockton said, we are indeed indebted to John Adams, among other men, for the independency and founding of our country. He fought in the chamber of congress with the zeal and energy one would expect to find on the battlefield. He believed so much in the necessity of a free and independent country, that he said, “we should always remember that a free constitution of civil government cannot be purchased at too dear a rate, as there is nothing on this side of Jerusalem of equal importance to mankind (McCullough 125).”

John Adams was a vital player in the events of our American Revolution. I am so grateful to have had this man to fight for the cause of independence and to lead our country as the second President of the United States.



Works Cited

McCullough, David. John Adams. New York: Simon & Schuster, 2001. Print.