1. Adam Smith's Theory of the State
... that it should be responsible for undertaking ventures that would benefit or even be necessary to the wellbeing of the society with out being profitable (public works and institutions). Smith starts his discussion on the duties of the State by saying, "The first duty of the sovereign, that of protecting the society from the violence and invasion of other independent societies, can be performed only by means of a military ... is would not be logical to defray their costs by general contribution but rather by specific contribution such as local taxes or tolls (Heilbroner, p 312). As one r...
- Word Count: 1236
- Approx Pages: 5
- Has Bibliography
- Grade Level: Graduate