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The Wealth of Nations is one of the most significant works in economics history, and is a foundational text of classical economics. Written at a time when the Industrial Revolution was changing the face of Western societies, the book seeks to explain why some countries are wealthier than others and how a fair, productive society can be created. In particular, Smith’s advocacy of division of labour, free trade and free markets, with equilibrium guaranteed by the so-called “invisible hand of the market”, proved extremely influential in the UK and USA and shaped our modern economic system. The work is still widely studied today, and remains one of the most cited texts in the social sciences.
This book review and analysis is perfect for:
• Students of economic theory and the history of economics
• Anyone who wants to gain a greater understanding of classical economics
• Anyone who is curious about why some countries are wealthier than others
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