The Wealth of Nations Book 5 Chapter 1 Part 3 Article 1 - The Expense of Public Works

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Who should pay for roads, bridges, and public services? Should governments control trade, or should private businesses handle it? In this video, we explore the economic costs of public works and institutions, from infrastructure funding to the rise and fall of monopolistic trading companies. Why did ancient and medieval societies struggle to maintain roads? How did tolls and fees shape infrastructure development? And what happens when governments take over local projects? We’ll also examine the role of joint-stock companies, like the East India Company and the South Sea Company, in shaping global trade. Were these companies efficient, or did they simply exploit monopolies? Should governments protect businesses in unstable regions, or is free trade the better solution? Finally, we’ll discuss when joint-stock companies make sense and when they cause more harm than good. If you’re interested in the intersection of commerce, government policy, and economic freedom, this video is for you.

Questions Answered in the Video:
How should public works like roads, harbors, and canals be funded?
Do tolls ensure fair maintenance costs for infrastructure?
Why do some government-funded projects become inefficient?
How did early trading companies like the East India Company operate?
Why did joint-stock companies often fail despite monopolies?
What industries work best under joint-stock company structures?
Why did the South Sea Company collapse?
How did government regulation impact private trade enterprises?
When does a monopoly help an industry, and when does it harm it?
Is free trade always better than government-protected commerce?

00:00 - Introduction to the Cost of Public Works
00:42 - Public Infrastructure
01:18 - Tolls to pay for infrastructure
01:59 - Tolls in Britain
02:47 - Tolls in Asia
03:37 - Local Public Works
04:30 - Public Works
05:24 - Merchant Companies
06:15 - Regulated Companies
07:07 - Trading Company
08:06 - Fort Maintenance
08:54 - Joint-Stock Companies
09:36 - Royal African Company
10:13- Hudson’s Bay Company
11:01 - South Sea Company
11:56 - Whale Fishing
12:54 - East India Company
13:59 - War with France
15:03 - Company’s Governance
16:02 - Parliamentary Inquiry
17:06 - 1773 Reforms
17:53 - Distant Undeveloped Regions
18:39 - Joint-Stock Companies
19:19 - Predictable Structured Processes
20:14 - British Mining
20:56 - Closing

#PublicInfrastructure #EconomicHistory #TradeMonopolies