733 B
733 B
Commercial Society Formation
Definition
The development of social and economic structures characterized by specialized labor, market exchange, and commercial relationships that replace earlier forms of economic organization based on self-sufficiency, feudal obligations, or simple barter.
Source Chapter
Book IV, Chapter 3
Context
Smith discusses how commercial society creates new forms of economic interdependence and requires different principles of governance than earlier social forms, particularly in managing international trade relationships.
Economic Domain
General Theory