The Wealth of Nations

Introduction

Smith worked on “An Inquiry into the Nature and Causes of the Wealth of Nations” for about ten years, largely in his home town of Kirkcaldy; it was published in London in March 1776. Book I opens with the division of labour, illustrated by a pin factory, and goes on to prices, wages, profit and rent. Book II treats capital, Book III the economic history of Europe, Book IV criticises the “mercantile system” of trade restrictions, and Book V deals with the expenses of the state, such as defence, justice and education. The “invisible hand” appears in Book IV. The work is regarded as the founding text of classical economics.

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Connections

Builds on

• The Theory of Moral Sentiments1759 · Adam Smith

Taken up in

• An Historical View of the English Government1787 · John Millar
• Elements of the Philosophy of Right1820 · Georg Wilhelm Friedrich Hegel
• Development as Freedom1999 · Amartya Sen

Criticized in

• Economic and Philosophic Manuscripts of 18441844 · Karl Marx
• Capital1867 · Karl Marx

More works by Adam Smith

• 1759The Theory of Moral Sentiments