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Wealth of Nations

Adam Smith

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2016-12-26

Book

Reading Smith's Wealth of Nations. I hadn't before known that the East India Company was struggling due to mismanagement during the time of the revolution.

Previous to the Tea Act, East India Company tea had to be sold at auction in Britain, with a tax, to a merchant, who would take it to the colonies, where it would be taxed again. Due to the cost, and having to pay a tea tax to the King at all, colonists had been smuggling tea from the Dutch, leaving the East India Company with an oversupply. To try to help, Britain forwent the tax at British auction, which made the price to the colonists more reasonable. But that made the colonists even more upset.