o r iginally delivered in the fo r m of lectures at Glasgow, Adam Smith's The Wealth of Nations Books I-III laid the foundations of economic theo r y in general a nd 'classical' economics in particular, a nd this Penguin Classics edition is edited with an introduction a nd notes by a ndrew Skinner.

The publication of The Wealth of Nations in 1776 coincided with America's Declaration of Independence, a nd with this la ndmark treatise on political economy, Adam Smith paved the way fo r modern capitalism, arguing that a truly free market - fired by competition yet guided as if by an 'invisible ha nd' to ensure justice a nd equality - was the engine of a fair a nd productive society. Books I - III of The Wealth of Nations examine the 'division of labour' as the key to economic growth, by ensuring the interdependence of individuals within society. They also cover the o r igins of money a nd the impo r tance of wages, profit, rent a nd stocks, but the real sophistication of his analysis derives fr om the fact that it encompasses a combination of ethics, philosophy a nd histo r y to create a vast pano r ama of society.

This edition contains an analytical introduction offering an in-depth discussion of Smith as an economist a nd social scientist, as well as a preface, further reading a nd explanato r y notes. أقرأ أقل