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Over two hundred years ago,Adam Smith introduced some ideas which brought about a world revolution.If we enjoy a high standard of living in modern society,we owe much to this Scottish economist and philosopher.If we enjoy driving in beautiful cars,wearing fashionable shoes,or flying away to distant places for exciting holidays,we should perhaps pay thanks to the man who made it all possible.
What was Adam Smith’s contribution?Like so many ideas which have surprising effects,his was a simple one.He watched workers practicing their craft of pin making.One man would heat the strip of metal,stretch it out,cut off an appropriate length,shape it,cool it and finally smooth and shine it.Smith drew attention to the advantages which could be gained if these various tasks were performed by different workers.Let one be responsible for preparing the metal.Another for stretching and cutting.Another for shaping.Another for finishing.He described the technique as the Division of Labor; in this way workers repeat the same actions again and again.Smith convinced the world that specialization could solve the problem of poverty and want.
What was the result?The Industrial Revolution.Productivity was greatly increased.For Britain,where the revolution started,there was a prosperity which made it the richest country in the nineteenth century.British trains and railway lines spread out like a spider’s web across the world.British ships were used to carry the new cargoes from one corner of the world to another.
The revolution is not over.It is still with us,but now it is a worldwide phenomenon.Everywhere,factories are producing large numbers of similar products,and are in continuous production.What were called mass-production lines yesterday are called robotic productions today.The pace of change is increasing.And if these techniques have brought us prosperity,they have also brought us a little misery in overcrowded towns,boring jobs and,most of all,unemployment.