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The Wealth Of Nations

Adam Smith is often considered the first modern economist. His magnum opus, The Wealth of Nations (1776), is widely credited with laying the theoretical and philosophical foundations for capitalism. The work had an immediate impact on economic thinking, in light of its arguments for the freedom of trade. The Wealth of Nations is far more than a treatise of economic theory, however. Smith presents ...

Paperback: 622 pages
Publisher: CreateSpace Independent Publishing Platform (April 18, 2016)
Language: English
ISBN-10: 1532825366
ISBN-13: 978-1532825361
Product Dimensions: 6 x 1.4 x 9 inches
Format: PDF ePub TXT book

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“Excellent abridgement of this classic work edited by the great L. von Mises...”

powerful blueprint for a stable and peaceful society which rests upon a hard-headed and realistic assessment of humans and their nature. With this landmark treatise on political economy, Adam Smith paved the way for modern capitalism, arguing that a truly free market – fired by competition yet guided as if by an ‘invisible hand’ to ensure justice and equality – was the engine of a fair and productive society. In Books IV-V, Smith offers his considered response to the French Physiocrats and assesses the nature of the mercantile system. The Wealth of Nations was published 9 March 1776, during the Scottish Enlightenment and the Scottish Agricultural Revolution. It influenced a number of authors and economists, as well as governments and organizations. For example, Alexander Hamilton was influenced in part by The Wealth of Nations to write his Report on Manufactures, in which he argued against many of Smith's policies. Interestingly, Hamilton based much of this report on the ideas of Jean-Baptiste Colbert, and it was, in part, Colbert's ideas that Smith responded to with The Wealth of Nations. The Wealth of Nations was the product of seventeen years of notes, and observation of conversation among economists of the time concerning economic and societal conditions during the beginning of the Industrial Revolution, and took Smith ten years to produce. The result, An Inquiry to the Wealth of Nations, was a treatise which sought to offer a practical application for reformed economic theory to replace the mercantilist and physiocratic economic theories that were becoming less relevant in the time of industrial progress and innovation. It provided the foundation for new economists, politicians, mathematicians, biologists, and thinkers of all fields to build upon. Irrespective of historical influence, The Wealth of Nations represented a clear shift in the field of economics, comparable to Sir Isaac Newton's Principia Mathematica for physics or Antoine Lavoisier's Traité Élémentaire de Chimie for chemistry.