Wealth of Nations (1776)

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On 9 March 1776 "The Wealth of Nations" ( An Inquiry into the Nature and Causes of the Wealth of Nations) was published by Scottish economist and philosopher Adam Smith. The Wealth of Nations, is considered Smith's magnum opus and the first modern work that treats economics as a comprehensive system and as an academic discipline. Smith refuses to [mistakenly] explain the distribution of wealth and power in terms of God's will and instead appeals to natural, political, social, economic, legal, environmental and technological factors and the interactions between them. Among other economic theories, the work introduced Smith's idea of absolute advantage.

Adam Smith, born in 1723 in Kirkcaldy, Scotland, was a key figure of the Scottish Enlightenment. Trained as a moral philosopher, Smith became a prominent figure in the intellectual circles of his time. 

Smith studied social philosophy at the University of Glasgow and at Balliol College, Oxford, where he was one of the first students to benefit from scholarships set up by fellow Scot John Snell. After graduating, he delivered a successful series of public lectures at the University of Edinburgh, leading him to collaborate with David Hume during the Scottish Enlightenment. Smith obtained a professorship at Glasgow, teaching moral philosophy and during this time, wrote and published The Theory of Moral Sentiments (1759). 

On March 9, 1776, during the early stages of the Industrial Revolution, Smith published "The Wealth of Nations." Produced from seventeen years of notes and earlier studies, the book went on to revolutionize the field of economics and significantly influence the development of modern capitalism. In the book Smith emphasizes the importance of free markets and the division of labour, while also exploring the concept of the invisible hand in which individuals, acting in their own self-interest, unintentionally contribute to the overall prosperity of society.

In his later life, he took a tutoring position that allowed him to travel throughout Europe, where he met other intellectual leaders of his day.

As a reaction to the common policy of protecting national markets and merchants through minimizing imports and maximizing exports, what came to be known as mercantilism, Smith laid the foundations of classical free market economic theory. A key theme in "The Wealth of Nations" is the idea of laissez-faire capitalism, which advocates for minimal government interference in economic activities. He contends that individuals pursuing their own economic interests ultimately lead to the most efficient allocation of resources and the greatest overall wealth for society as a whole.

The Wealth of Nations was a precursor to the modern academic discipline of economics. In this and other works, he developed the concept of division of labour and expounded upon how rational self-interest and competition can lead to economic prosperity. Smith was controversial in his own day and his general approach and writing style were often satirised by writers such as Horace Walpole.

The publication of "The Wealth of Nations" had a profound impact on economic thought and policy, and influenced subsequent generations of authors and economists such John Stuart Mill and Karl Marx. It laid the foundation for classical economics, and provided justification for the rise of free-market capitalism. Consequently it contributed to the development of modern economic theories and practices and shaped debates on issues such as trade policy, taxation, and labour relations.

Why Nations Prosper or Fail ..