Publication of The Wealth of Nations

The Wealth of Nations, whose full title is An Inquiry into the Nature and Causes of the Wealth of Nations, was written by the Scottish thinker Adam Smith and is regarded as the founding work of modern economics. Smith argued that a country's wealth lay in its productive capacity rather than its stock of gold, and he stressed the division of labor, using the example of a pin factory. He also described how individuals pursuing their own interests in competitive markets could, as though guided by an invisible hand, benefit society. The book criticized the mercantilist system of trade restrictions and monopolies. It influenced economists and policymakers for centuries and remains widely cited.

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