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A. The selfishness of people leads to competition among them.

B. “The Wealth of Nations” is an argument in favour of economic activity of people without the interference of government.

C. The rationality of people would enrich and improve the whole of society.

D. The competition would provide more goods and lower prices.

E. The government is best suited for building roads and controlling monopolies.

In 1776, the year that Jefferson wrote the Declaration or Independence, Smith published one of the most important books in the history of economics. Most people simply call it The Wealth of Nations. (An Inquiry into the Nature and the Causes of Wealth of Nations).

Smith's book is an argument in favor of allowing people to engage in trade, manufacturing or other economic activity without unnecessary control or interference from government.

The main argument in The Wealth of Nations might be stated rather simply: people are naturally selfish. When they engage in manufacturing or trade, they do so in order to gain wealth and/or power. This process should not be interfered with because, despite the self-interest of these individuals, their activity is good for all of society. The more goods they make or trade, the more goods people will have. The more people who manufacture and trade, the greater the competition. Competition among manufacturers and merchants helps all people by providing even more goods and probably lower prices. This activity creates Jobs and spreads wealth.

Smith concluded that individuals should own private property and be allowed to engage in private economic activity. This would result in greater wealth for all.

Smith accepted the idea that there were some things the government should do. A government is best suited to build canals or roads. A government may find it necessary to put some restrictions on international trade. And, he said, the government must not allow individual businesses to act together to control the production or trade of certain goods, thus creating a monopoly. A monopoly, in Smith's opinion, could be as harmful to the general welfare as governmental control.

Smith's economic ideas fit perfectly with American ideas or a new type of government based on such individual rights as those to "life, liberty, and the pursuit of happiness”. He wrote that people, though acting from the selfish desire to enrich themselves, would be led by "an invisible hand" (rationality) to enrich and improve all of society.

2. Пользуясь словарем уточните значение и произношение слов:

Economics, cause, enquiry, wealth, to provide, property, result, to accept, to restrict, to create, to improve.

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