Adam Smith – The Wealth of Nations

The Wealth of Nations

Most Americans would probably say The Declaration of Independence. But many would argue that Adam Smith’s “The Wealth of Nations” had a bigger and more global impact.

On March 9, 1776, “An Inquiry into the Nature and Causes of the Wealth of Nations”—commonly referred to simply as “The Wealth of Nations”—was first published.1 Smith, a Scottish moral philosopher by trade, wrote the book to describe the industrialized capitalist system that was upending the mercantilist system. According to this theory, nations should sell their goods to other countries while buying nothing in return. Predictably, countries fell into rounds of retaliatory tariffs that choked off international trade.

About Author: Adam Smith

Adam Smith FRSA (c. 16 June [O.S. c. 5 June] 1723 – 17 July 1790) was a Scottish economist, philosopher as well as a moral philosopher, a pioneer of political economy, and a key figure during the Scottish Enlightenment, also known as ”The Father of Economics” or ”The Father of Capitalism”.