The Industrial Revolution: Response Paper to Adam Smith's "An Inquiry into the Nature and Causes of the Wealth of Nations"

Since the discourse refers to the end of the eighteenth century and tackles upon the issues of national market being regulated by mercantilistic legislation, it can be interpreted from the perspective of the Industrial Revolution. The process was associated with the breakthrough in technical and consequently, social development of the nation in the eighteenth to nineteenth centuries. Marketing, legislative and technological intricacies of the Industrial Age were implicitly analyzed by Smith in regard to people and management.

In the opening sections of the overview, Smith seemed to agree with Aristotle who considered people to behave as social animals. He referred to the producers of goods as individuals who were eager to negotiate about prices and stock regulation. The principle of "good will" negotiation could be applied to the Pre-Industrialization Era when every skilled laborer had time to perform the whole productive cycle on his own. Such universal professional worked for high salary and dictated prices for the high quality goods which were never produced in excess.

The example of the pin-maker teaches us that the division of labor, as described by Smith, was the consequence of the Industrial Age. The logical chain is evident. The introduction of new mechanisms and technologies simplified and shortened the production of goods. The increase in quantities of goods on the national market was responded by the damping of prices below the natural cost. Additional speed of producing goods was achieved by the splitting of labor into several fast-to-conduct operations. A high paid universal professional was dismissed by many one-skill producers whose labor cost less.

So far, Smith spoke about the birth of a new category of market participants: the managers. The sales-managers of the Industrial Revolution age tried to gain profit under the conditions of overstocked market by lowering the cost of labor. To put it in a nut-shell, after reading Adam Smith, the Industrial Revolution processes could be viewed from a new perspective. It seems that the industrialization process dealt not only with new mechanisms and technologies, but also with human resources.

Works Cited:

Arnstein, Walter L. The Past Speaks, Sources and Problems in British History Second Edition, Volume 2: Since 1688. Chapter 3, pp.64-74.

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