'An Inquiry into the Nature and Causes of the Wealth of Nations' by Adam Smith, published in 1776, is a seminal work in the field of political economy. It offers a theoretical foundation while also delving into economic history, monopolies, government policies, taxes, and trade associations. Smith's opinions on wealth distribution, the role of self-interest in public interest, and the economic systems of European countries are highlighted throughout the book. While some readers found the detailed analysis of historical economic data tedious, others appreciated the insightful observations and examples provided by Smith to support his theories.

Writing/Prose:

The writing is characterized by clarity and engagement, though it can sometimes be dense due to its historical context.

Plot/Storyline:

The text delves into economic principles, historical societal development, and the dynamics of self-interest in fostering wealth.

Setting:

The setting is primarily 18th century Europe, reflecting the economic and social conditions of that time.

Pacing:

The pacing is uneven, with some sections moving quickly and others requiring more careful consideration due to complexity.

The greatest improvements in the productive powers of labour, and the greater part of the skill, dexterity, and judgment, with which it is anywhere directed, or applied, seem to have been the effects ...

Notes:

Adam Smith is considered the father of modern economics.

The Wealth of Nations was published in 1776, the same year as the American Declaration of Independence.

Smith argued that individual self-interest drives economic growth.

The concept of the 'invisible hand' describes how individuals seeking their own gain can benefit society as a whole.

Smith believed in the division of labor as a key to productivity, famously illustrating this with a pin factory example.

He distinguished between different societal stages: hunters, agriculture, feudalism, and commercial society.

Smith recognized that property rights and laws help protect privilege, often benefiting the rich more than the poor.

He warned against monopolies and argued for competition to protect consumer interests.

Smith promoted free trade but acknowledged the need for some government regulation to prevent business collusion.

He critiqued the mercantile system which prioritized exporting over importing goods, highlighting that free trade benefits everyone.

From The Publisher:

The complete five unabridged books of The Wealth of Nations by Adam Smith. This epic collection of economic ideas show that people and free markets drive improvements, not governments and regulation.

First published the same year as the Declaration of Independence in 1776, it became a prescient blueprint for the new United States of America.

No student of thought should be without this historic book. This classic volume is provided here with full text at an affordable price.

TABLE OF CONTENTS

BOOK I. OF THE CAUSES OF IMPROVEMENT IN THE PRODUCTIVE POWERS OF LABOR, AND OF THE ORDER ACCORDING TO WHICH ITS PRODUCE IS NATURALLY DISTRIBUTED AMONG THE DIFFERENT RANKS OF THE PEOPLE

BOOK II. OF THE NATURE, ACCUMULATION, AND EMPLOYMENT OF STOCK

BOOK III. OF THE DIFFERENT PROGRESS OF OPULENCE IN DIFFERENT NATIONS

BOOK IV. OF SYSTEMS OF POLITICAL ECONOMY

BOOK V. OF THE REVENUE OF THE SOVEREIGN OR COMMONWEALTH

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About the Author:

Adam Smith (1723-1790) was a Scottish professor, economist, and philosopher and a key figure of the Scottish Enlightenment. Smith wrote two major works, The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations. The latter, often abbreviated as The Wealth of Nations, is the first theoretical work of economics. Smith laid the foundations of classical free market economic theory. He developed the concept of division of labour and theorized that rational self-interest and competition leads to economic prosperity.

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An Inquiry into the Nature and Causes of the Wealth of Nations

Adam Smith