Series: The Wealth of Nations

The second part of Adam Smith's economic theory, stating the argument for free trade. Adam Smith's The Wealth of Nations was the first comprehensive treatment of political economy. Originally delivered in the form of lectures at Glasgow, the book's publication in 1776 coincided with America's Declaration of Independence. These volumes include Smith's assessment of the mercantile system, his advocacy of...

With this landmark treatise on political economy, Adam Smith paved the way for modern capitalism, arguing that a truly free market was the engine of a fair and productive society. Books I-III of The Wealth of Nations examine the "division of labour" as the key to economic growth, by ensuring the interdependence of individuals within society. They also cover the...