1. Adam Smith's Theory of the State
... necessary (Heilbroner, p 293). With out the protection of private property there is no incentive to accumulate stock and wealth as Smith points out "it is only under the shelter of the civil magistrate that the owner of that valuable property, which is acquired by the labor of many years, or perhaps of many successive generations, can a sleep a single night in security." Smith's third role for the ... Sovereign, the Expense of Public Works and institutions, is one of the more "controversial" in his theory of the state as he states that it ... is the duty of the government to build and ...
- Word Count: 1236
- Approx Pages: 5
- Has Bibliography
- Grade Level: Graduate