Management In Adam Smith's The Wealth Of Nations

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Management as we know it today is a concept that has been developing and changing over centuries. Managers have been an important part of business since the Industrial Revolution, and since then have impacted everyone’s life in some way. Many people have developed new ideas and processes in management that are still in use today. Management is essential to our modern world and has been molded by people throughout history.
Adam Smith’s The Wealth of Nations outlined solutions for economic problems that are just as relevant today as they were in 1776. Though it was written before the Industrial Revolution, and therefore our worlds are very different, we still look to it for advice to increase our prosperity as a nation. Management is one of the themes in The Wealth of Nations. According to Adam Smith, it is the countries that increase their capital, manage it well, and guard it that thrive. He also believes that government should be limited and consequently that businesses should be free to work in an open market economy and manage their institutions as they see fit (adamsmith.org). He firmly believes that with fixed governmental regulation, business will do what is right for themselves and for the economy, but they must be free to make the decisions. In the book, he gives this example: “it is the maxim of every prudent master of a family, never to attempt to make at home what it will cost him more to make than to buy…What is prudence in the conduct of every private family,

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