Description

Book Synopsis
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 defense of the fundamental principles of capitalism.

Wealth of Nations

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    A Paperback by Adam Smith

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      Book details

      Publisher Prometheus Books
      Published 12 January 1991
      ISBN-13 9780879757052
      978-0879757052
      ISBN-10 0879757051

      Description

      Book Synopsis
      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 defense of the fundamental principles of capitalism.

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