Books

First edition of Smith's magnum opus, a foundational work of political economy, and "the first and greatest classic of modern economic thought" (PMM). The Wealth of Nations "begins with the thought that labour is the source from which a nation derives what is necessary to it. The improvement of the division of labour is the measure of productivity and in it lies the human propensity to barter and exchange... The Wealth of Nations ends with a history of economic development, a definitive onslaught on the mercantile system, and some prophetic speculations on the limits of economic control" (PMM). Smith's ultimate aim in Wealth was to provide legislators with a set of principles to guide their regulation of commerce. Some of these principles advocated improvements in existing policies, others aimed to alter the overall climate within which these policies operated. The book was published just months before the American Declaration of Independence: Smith drew on testimony from Benjamin Franklin, and American unrest informed his critique of mercantilism. "The Wealth of Nations had no rival in scope or depth when published and is still one of the few works in its field to have achieved classic status, meaning simply that it has sustained yet survived repeated reading, critical and adulatory, long after the circumstances which prompted it have become the object of historical enquiry" (ODNB). Two vols, quarto (276 x 225 mm), pp. [xii], 510; pp. [iv], 587, [1]. Contemporary calf, rebacked to style, spine ruled in gilt and with red and green morocco spine labels lettered in gilt, covers with single fillet in blind and lettered "Wakefield" in gilt to centre. Tables in the text. With the half-title in vol. II (none being issued for vol. I) and the errata on the title leaf verso of vol. II. Bound without final blank to vol. I (sig. 3T4), as often. Near-contemporary ink shelf marks to front pastedowns. Twentieth-century Russian library stamps to p. 17 of each volume, 20th-century blue ink "1776" to title page of vol. II, ownership signature erased from title page of vol I., and several near-contemporary and later annotations and sidelining. Extremities neatly restored, gutters strengthened and front free endpapers adhered to subsequent leaves. Japanese tissue and paper repairs to title leaf, A2-3, E1, and 3A1 (vol. I), half-title, title page, and 4A1-4 (vol. II). Infrequent foxing, soiling, and offsetting to contents, small holes, tears, ghosting, and staining to several leaves, spot of unfilled worming to rear endpapers of vol. I: a very good copy. A full condition breakdown of individual flaws is available on request. ESTC T96668; Goldsmiths' 11392; Kress 7621; Printing and the Mind of Man 221; Rothschild 1897; Tribe 9; Vanderblue, p. 3.

"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.