Smith's book, The Wealth of Nations, allowed governments to see - in a structured way - how to balance their costs and expenditures and also how to observe the relationship of society and its structures in government accounts and in the way in which the general welfare was established.

In England, for example, in 1777, in the first parliamentary budget to be approved after the book's publication, Prime Minister Lord North came up with the idea of ​​two new book taxes: one on serfs and one on goods sold at auction. .

The 1778 budget introduced the inhabited house tax and the malt tax, both recommended by Smith.

In 1779, politicians Henry Dundas and Lord Carlisle consulted Adam Smith about his impressions of granting free trade to Ireland.

Smith, analyzing the situation, clarifies that if the focus was not to ensure that that act generated well-being in return, it should not be done at risk of instability: the situation was unstable for the next century due to the way it was negotiated!

The Wealth of Nations was first used in Parliament by Whig leader Charles James Fox on November 11, 1783. Fox was advocating the balanced ratio of spending, especially military spending in the colonies: the only way to get rich was to administer things in order to make the income outweigh the expenses.

In fact, this observation is maintained until today in everything that concerns private or public life, society or government.

This maxim applied equally to an individual and a nation.

The proper course of action, therefore, was for a well-run economy to reduce all current expenditures and to make the greatest possible savings during peace.

Later, in 1796, when Fox was dining with Lord Lauderdale, Lauderdale notes that they knew nothing about political economy before Adam Smith wrote.

In the commercial treaty with France in 1787, the bases were written on excerpts from "The Wealth of Nations" by Robert Thornton to support its conclusion.

In a heated debate, also in 1787, about the proposal of post-horse rights, George Dempster evokes excerpts from the book as a way of talking about the relationship between capital and the right to property and reimbursement.

In 1792, the prime minister puts on Smith: "...an author of our own times now sadly no more (I mean the author of a celebrated treatise on the wealth of nations), whose wide knowledge of detail and depth of philosophical research will, I believe to provide the best solution to all questions relating to the history of trade or political economy systems.”

In 1798, Sir John Mitford, the Attorney General, in his criticism of bills of exchange, at the time a revolution close to those proposed by tokens today, given other bills in consideration, poses the question of volatility as a function of committed capital. And, in his criticism, he also states how the treasure of the empire should be placed as a guarantee, since the papers were not necessarily trustworthy.

The Book, from the last decade of the 18th century, was enough for the politicians of the time to define laws on the division of labor, wages, wars, trade between nations, welfare relations and a way to review the worker and citizen in relation to the flow of the economy.

Most important, perhaps, historically, was the book's ability to convert the view of slavery in the then British empire.

In fact, the fuse lit by the British was decisive for the fight against slavery in the century that emerged.

The book also produces a secondary effect, often attributed to two moments in history: the rise of Napoleon Bonaparte , who uses a good part of the book's concept to adjust French finances and, from that, conquer almost all of Europe and, by as a result of this, the perseverance of England, on her native island, after the French naval blockade was imposed during the Napoleonic wars.

The principle of financial balance was fundamental to frustrate the tactic of going bankrupt England by commercial strangulation.

In other words, Adam Smith transformed, through his book, the map of society in the 19th century, in addition to changing the conception of the world economy until today.

The insight of this book, if adopted to stabilize the cryptocurrency system, will soon replace the current financial market.

Government regulation, to ensure the right of investors and transparency in actions would bring the necessary reliability for this to happen.

Again: don't spend what you don't have to invest is the basic translation of: don't spend more than what you have.

If the wealth of nations is based on well-being through economic balance and regulation between parties, so too does it work for cryptocurrency investors: investing doesn't mean throwing money away, it means responsibly using money to increase wealth without depriving yourself of the basics. .

Good savings for us!

early article: https://www.publish0x.com/rationality-emotionality-and-financial-markets/series-from-nothing-to-everything-cryptocurrencies-in-the-wo-xdgnxzr