The Wealth of Nations is a clearly written account of economics at the dawn of the Industrial Revolution. The work was a landmark work in the history and economics as it was comprehensive and an accurate characterization of the economic mechanisms at work in modern economics. The book includes Smith’s assessment of the mercantile system, his advocacy of the freedom of commerce and industry, and his famous prophecy that ‘America will be one of the foremost nations of the world’.
ABOUT THE AUTHOR:
Adam Smith was a Scottish moral philosopher and a pioneer of political economy. One of the key figures of the Scottish Enlightenment, Smith is best known for two classic works: ‘The Theory of Moral Sentiments’, and ‘An Inquiry into the Nature and Causes of the Wealth of Nations’. The latter, usually abbreviated as ‘The Wealth of Nations’, is considered his magnum opus and the first modern work of economics. Smith is cited as the ‘Father of Modern Economics’ and is still among the most influential thinkers in the field of economics today.
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 he wrote and published The Theory of Moral Sentiments.
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