The Wealth of Nations

This influential work by Adam Smith explores political economy and lays the foundations for modern capitalism, addressing the division of labor and market dynamics.

Originally presented as a series of lectures at Glasgow, The Wealth of Nations by Adam Smith provides a thorough exploration of political economy. This seminal work includes Smith's critique of the mercantile system, his strong advocacy for the freedom of commerce and industry, and his notable prediction that America would rise to become a leading nation in the world. The book's insights laid the groundwork for modern economic thought and 'classical' economics.

Published in 1776, coinciding with America's Declaration of Independence, The Wealth of Nations significantly influenced the development of capitalism. Smith argues that a free market, driven by competition yet guided by an 'invisible hand,' can foster justice and equality, creating a productive society. The first three books delve into the 'division of labor' as a catalyst for economic progress, emphasizing the interdependence of individuals in a community. Additionally, the text explores the origins of money and the roles of wages, profit, rent, and stocks in the economy.

This edition features an analytical introduction that discusses Smith's contributions as both an economist and a social scientist. It includes a preface, recommendations for further reading, and explanatory notes to enhance the reader's understanding. Adam Smith, born in 1723 in Glasgow, was a pivotal figure in economic theory, and his works continue to resonate today, making The Wealth of Nations a vital read for those interested in economics and society.