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An exceptional manuscript in Napoleon's hand revealing his initial response to Smith's Wealth of Nations. The manuscript is remarkable in establishing that Napoleon's first unguarded reaction to Smith's ideas was not in fact disdain, as he would later affect, but admiration. Napoleon was in garrison at Valence with the 4th Artillery Regiment from 16 June to 31 August 1791. He used his spare time to read the first volume of the French translation of Smith's Wealth of Nations by the poet Jean-Antoine Roucher (1745-1794), made from the fourth English edition (London, 1786), which had been published in 1790. Napoleon has captioned in the margin: "Notes diverses. Richesse des nations - Smith traduit par Roucher. Tome 1er. Valence juillet 1791", and has written at the top of the first page "Cayer -" (i.e. cahier), leaving a space blank for a projected numbering. He focuses in particular on five chapters of Book I: Chapter 1, Of the division of labour; Chapter 3, That the division of labour is limited by the extent of the market; Chapter 4, Of the origin and use of money; Chapter 5, Of the real and nominal price of commodities, or of their price in labour, and their price in money; and Chapter 8, Of the wages of labour. The last note in Napoleon's hand is: "The labourer and the farmer are superior in intelligence to the ordinary class of artisans" (our translation). Smith's biographer remarks: "It is clear from the notes that Napoleon is delighted with Smith's picture of economic life, particularly in relation to wages, price, transport, the concept of a European market, and the division of labour resulting in the mass production of pins ('cela paraît incroyable')" (Ross, p. 18). It later suited Napoleon to disdain Adam Smith, as did many French economists, because he had been critical of Colbertism, but in power he was happy to give free rein to his Minister of the Public Treasure, François Nicholas Mollien, who was a lifelong vocal admirer of the Wealth of Nations. Provenance: a) the leaves were once part of Phillipps MS 22769, docketed by Phillipps "161 Cole MSS" in pencil, Cole being an autograph collector likely to have obtained the notes from Guglielmo Libri who stole the Napoleon archive and sold the bulk of it to Lord Ashburnham (returned to France 1883); b) sold at auction, Charles Hamilton Galleries, Inc., 10 December 1970, lot 224; c) Hoffman & Freeman, Antiquarian Booksellers, Cambridge, MA, USA, cat. 33, April 1971, no. 143; d) in 1982 the notes were kept in the Buddhist temple of Jinyaji, Chiba, Japan; see text and commentary by Hitoshi Hashimoto in "Notes Inédites de J.-B. Say Qui Couvrent les Marges de la Richesse des Nations et Qui la Resument", Kyoto Sangyo University Economic and Business Review, 9, 1982, pp. 35-42. A copy of Hashimoto's text accompanies the manuscript. Folio (288 x 195 mm), 12 and a half pp. on a quire composed of 4 bifolia. Manuscript in French written in ink, comprising approximately 1,500 words in the autograph of Napoleon, clearly legible, margin traced in red crayon. Housed in a custom black calf book form box and matching folder. Offered together with a copy of Hitoshi Hashimoto's critical text. Some light show-through, portion of inner margin of first page slightly scuffed and with traces of glue, otherwise in excellent condition. .

"The Wealth of Nations" is a seminal work by the Scottish economist and philosopher Adam Smith, published in 1776. It is considered one of the foundational texts of modern economics and a cornerstone in understanding the principles of capitalism and free-market economies. Smith's primary focus is to analyze the nature and causes of the wealth of nations. He introduces the concept of the "invisible hand," arguing that individuals pursuing their self-interest in a competitive market inadvertently contribute to the overall economic well-being of society. Smith illustrates how the division of labor leads to increased productivity and efficiency within industries, consequently fostering economic growth. He emphasizes that specialization allows workers to become more skilled and efficient at their tasks, leading to higher output. Central to Smith's ideas is the notion of free trade and the benefits it brings. He advocates for minimal government intervention in economic affairs, believing that markets left to operate freely tend to regulate themselves through the forces of supply and demand. However, Smith also acknowledges the importance of certain governmental roles, such as providing public goods, maintaining infrastructure, enforcing contracts, and protecting society from external threats. Smith criticizes mercantilism, the prevailing economic system of his time, which emphasized accumulating wealth through a positive balance of trade and a strong focus on exporting while limiting imports. He argues that this approach is counterproductive and advocates for free trade, stating that a nation's wealth is not solely measured by its stock of gold and silver but by the productivity and living standards of its people. Furthermore, Smith discusses the role of wages, profits, and rent in the economy, addressing factors influencing each and their impacts on economic development. He delves into the relationship between economic growth, capital accumulation, and technological progress, highlighting the significance of innovation and investment in driving long-term prosperity. In essence, "The Wealth of Nations" provides a comprehensive analysis of the mechanisms underlying economic systems, advocating for free markets, individual liberty, and limited government intervention as the pillars for generating wealth and fostering societal advancement. Its influence extends across various fields, shaping economic thought and policy for centuries to come.