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What is the historical significance of 'The Wealth of Nations' by Adam Smith? |
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Wealth of Nations
This book by the Scottish philosopher, Adam Smith (1723-90), appeared in 1776 and is the great classic work of laissez-faire economics (capitalism). It also played a key role in establishing economics as an area of study in its own right.
It was the first major work in the science of economics. It explained how a free market, capitalist economy works and every economic treatise since then has been built on and influenced by it.
See the Related Link for "Wikipedia, Adam Smith" to the right for more.
One of the key elements that Smith determined to be necessary for a capitalistic society to function was that of "property rights." He declared that without the establishment of owning property rights that not only would there be no incentive to produce and exchange goods, but also that their needed to be laws in effect protecting those rights for a capitalistic society to function properly.
First answer by ID0000000000. Last edit by Chris Swain. Contributor trust: 137 [recommend contributor]. Question popularity: 278 [recommend question]
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