Smith, Adam. The Wealth of Nations (Excerpts). Modified from the Modern History Internet Sourcebook. 1776.  Fordham University. http://www.fordham.edu/halsall/mod/adamsmith-summary.asp. 

Adam Smith was a brilliant man that came up with ideal that we follow to this day. Smith's journey began when he attended the University of Glasgow. At Glasgow he distinguished himself as a inquisitive scholar, in turn he won a scholarship to Oxford University one of the worlds most prestigious school. He studied at Oxford for 6 years, from 1740 to 1746. Once he left Oxford he began giving public lectures that made him somewhat famous, which led to him being appointed as professor of moral philosophy at the University of Glasgow. It is clear that Adam Smith was not only a well educated man, but an exceptional scholar and philosopher from an early age. He was quickly recognized for his brilliance through his lectures and his first book, The Theory of Moral Sentiment. Adam Smith is known as the father of Capitalism, after he published The Wealth of Nations. He believed in many things that were already in place, and introduced many new original ideas that were never though of before. Smith wrote the Wealth of Nations, in order to give full explanations of his ideas. His book discusses many of the essential parts of capitalism today.

Smith begins with talking about his idea of division of labor. He says that it is more efficient if the production of one item is broken down into different branches, where one person specializes in one branch of production. He uses an example with the production of pins, stating that alone you might be able to make one pin a day, but with 8 other people each who specialize in one part of production, you can make hundreds of pins in one day. Smith demonstrates and explains each part of his division of labor idea in this excerpt. In the second part, he discusses the principle that gives occasion to the division of labor. He states that people do things in their own self interest, and that working together (division of labor) is in peoples best interests. He demonstrates this through saying " it is not through the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest." Meaning that each person who takes part in the production of your "dinner" (product), is acting in their own self interest which in turn is helping everyone else. Adam Smith uses examples that show progression and positive impacts on all parties involved in the example.            


*I would have indented every line except the first line on the annotation and citation.