An Inquiry into the Nature and Causes of the Wealth of Nations

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First published in 1776, Adam Smith's "Wealth of Nations" analyzes the fundamental elements of political economy, including market pricing, the division of labor, and various government policies that influence economic behavior. Smith presents foundational arguments for free trade, free markets, and limited government intervention. He critiques mercantilists who aim to increase national wealth through state control of precious metals, asserting that a nation's true wealth is reflected in the well-being of its people. Prosperity, he argues, depends on the voluntary exchange of goods within a peaceful and orderly market. Smith believes that such markets can be established and maintained through man's social instincts, which government should support by promoting standards of decency, honesty, and virtue. However, undue government interference can undermine these private functions of production and exchange. Social and economic order emerge from the innate desires to improve one's situation and to gain respect from peers, leading individuals to act decently and honestly for both personal satisfaction and successful business relations.