Why is there a division of labor | Chapter 2, Book 1

This video covers Chapter 2 - 'Of the Principle which gives Occasoin to the Division of Labor' of The Wealth of Nations Book 1 by Adam Smith. In this chapter, Adam Smith talks about why and how the division of labor came to be.
pages summarized: 4

[@abiball8479]

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[@libertybiberty8182]

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[@1ndileb215]

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[@Jurassica]

How does a modern interpretation of Smith account for globalization/outsourced labor (where profits can remain very high by the appealing use of cheap labor), the prevalence of increasingly non-factory based work environments and the hoarding of wealth by the super rich? I just don't see how his ideas are still entirely applicable to the reality of globalized neoliberal capitalism.

[@onlyusechopstik]

It doesn't. It doesn't consider the export of finance capital from monopoly capitalism; that's all way before his time.

[@RextheRebel]

We actually do see dogs, birds, apes and even some dolphins engage in trade. Some specie's like ants, don't require trade because everything is commonly owned.

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