Wealth of Nations

Author: Adam Smith
Type: eBook
Date Released: 1991
Format: pdf
Language: English
Page Count: 276
Isbn10 Code: 0879757051
Isbn13 Code: 9780879757052

Political economy had been studied long before Adam Smith. But "Wealth of Nations" (1776) established it for the first time as a separate science. Smith based his arguments on vast historical knowledge, and developed his principles with remarkable clarity. What set this work apart was its statement of the doctrine of natural liberty. Smith believed that 'man's self-interest is God's providence' - that if government abstained from interfering with free competition, the invisible hand of capitalism would emerge from the competing claims of individual self-interest. Industrial problems would be resolved and maximum efficiency reached. After more than two centuries, Smith's work still stands as the best statement and defence of the fundamental principles of capitalism.

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