In Books I–III of The Wealth of Nations, Adam Smith lays the foundation of classical economics by exploring the nature of labor, productivity, and market systems. He introduces the concept of the "invisible hand" and argues that individual self-interest can promote the public good through free-market mechanisms. Book I focuses on the division of labor and value, Book II on capital and stock, and Book III on the historical evolution of economic systems. Smith’s analysis of productivity, competition, and the role of self-regulation revolutionized economic thought and established key principles that underpin modern capitalism and economic theory.
About The Wealth of Nations Series
Adam Smith’s The Wealth of Nations, first published in 1776, is regarded as the foundational work of political economy. Originally based on lectures he delivered at the University of Glasgow, the book was released the same year as America’s Declaration of Independence. In this landmark text, Smith critiques the mercantile system, champions free trade and industrial liberty, and famously predicts that America would become one of the world’s leading nations. His work laid the groundwork for classical economics, introducing ideas about markets, labor, and capital that continue to shape economic thought and policy over two centuries later.
About Adam Smith
Adam Smith (1723–1790) was a Scottish economist, philosopher, and pioneer of classical economics. Best known for his seminal work The Wealth of Nations, he laid the foundation for modern economic theory with ideas on free markets, division of labor, and the "invisible hand" guiding self-interest toward public benefit. Smith also explored moral philosophy in The Theory of Moral Sentiments, emphasizing ethics, sympathy, and social cohesion. As a professor at the University of Glasgow, he influenced generations of thinkers. His work continues to shape economic policy and philosophy, making him one of the most influential figures in Western intellectual history.
Other Books by Adam Smith
The Wealth of Nations: Books IV-V
by Adam Smith
Series: The Wealth of Nations (#2)
Books IV–V of The Wealth of Nations critique existing economic policies and propose a framework for limited but essential government intervention. In Book IV, Smith dissects the mercantile system, rejecting trade restrictions and monopolies while advocating for free trade. He critiques colonialism and tariffs, favoring open markets. Book V addresses the role of the state in education, justice, defense, and infrastructure—functions Smith sees as necessary for a stable, prosperous society. These volumes balance his case for laissez-faire economics with the need for public investment, rounding out his vision of a functional, ethical, and productive political economy.
Similar Books
The End of Power
by Moisés Naím
Naím explores a global shift in how power is acquired, wielded, and lost. He argues that power is becoming more widespread but harder to maintain, as traditional institutions lose influence to smaller players and individuals. Through examples in politics, business, military, and religion, Naím shows how the erosion of hierarchy and the democratization of influence are reshaping society. This book challenges assumptions about leadership and authority in the 21st century. As the inaugural selection for Mark Zuckerberg’s book club, The End of Power offers a thought-provoking look at the fragmentation and volatility of modern power structures.
The Sovereign Individual
by James Dale Davidson, William Rees-Mogg
Published in 1997, The Sovereign Individual predicts the rise of the digital age and its impact on individual autonomy and state power. The authors argue that technological advancements, particularly the internet, will diminish the influence of governments and empower individuals to take control of their own lives. They foresee a future where traditional institutions are challenged, and personal sovereignty becomes paramount. This provocative work offers a foresightful analysis of the intersection between technology, economics, and personal freedom.
Letters from a Stoic
by Seneca
A cornerstone of Stoic philosophy, Letters from a Stoic is a collection of personal correspondence from the Roman philosopher Seneca to his friend Lucilius. These letters offer timeless wisdom on topics such as grief, wealth, friendship, fear, and the art of living. Seneca advocates for virtue, rationality, and emotional resilience, emphasizing control over one’s inner life regardless of external events. His practical advice and moral reflections are accessible yet profound, making this a foundational text for anyone seeking clarity, discipline, and inner peace. It remains a vital guide for modern readers exploring the philosophy of Stoicism.
Business Adventures
by John Brooks
In 'Business Adventures,' John Brooks delves into the intriguing world of business through a collection of twelve riveting tales that explore the highs and lows of corporate America. Through detailed narratives of various business events, Brooks sheds light on timeless lessons that remain relevant in today's business landscape. From the rise and fall of giants like Ford and Xerox to the financial intricacies of the stock market crash in 1962, this book offers valuable insights into the essence of entrepreneurship, management, and decision-making. Brooks' storytelling prowess and keen observations make 'Business Adventures' a classic that continues to captivate and educate readers.