The Wealth Of Nations By Adam Smith Essay

774 Words Feb 20th, 2016 4 Pages
Throughout history, management has always been among people in order to build the world we have today. Planning, Organizing, Leading and Controlling are the main functions and in fact, this can be found on every activity, either small or large. Management functions are carefully followed in order to achieve goals and make decisions. Even though it wasn’t clearly determined centuries ago, management followed the same principles as a way to organize and establish the first civilizations. The Egyptians and Sumerians were the firsts to take advantage of it, and over time management started developing in new fields thanks to philosophers and scientists whose thoughts determined the current management trends. The business environment has been restructured over the last decades and one individual who played a major role in this area was Adam Smith, a Scottish philosopher who changed the view of economy and imposed his own thoughts. In his book, “The Wealth of Nations”, Smith argues about the role of people and the intervention of the government, along with how the resources are being used. One of his main points refers to the invisible hand that explains the flow of economy and how it “heals” itself whenever it needs to. Smith was against mercantilism and bureaucratic governments, therefore, he encouraged people to be self-interested and established free market economies which lead to the industrial revolution. This huge event reestablished the way the world was running by…

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