Books

First edition of the much-improved second Russian translation of Adam Smith's Wealth of Nations, reproducing the notes and apparatus from the 1843 Blanqui edition. This translation, published following the growing public dissatisfaction with an earlier version, encumbered with obsolete prose and unspecific terminology, appeared in the Library of Classical European Writers, translated by P. A. Bibikov. "The first Russian translation of the Wealth, by N. R. Politkovsky, had appeared between 1802 and 1806; in its first volume, the translator himself had referred to the difficulty of rendering Smith's specific terminology in Russian, writing that 'he was a novice in the subject himself, although Smith also seemed to have some difficulty in elaborating his ideas with clarity'" (Tribe, p. 156). "By the middle of the nineteenth century the first translation of Wealth of Nations was increasingly unsatisfactory to Russian readers working in a language that had developed considerably since the early part of the century.... Bibikov already had a reputation as a historian, philosopher, and literary critic, and this undoubtedly had a part in the generally high level of presentation of the translations, which have notes, indexes and supplements. However, Bibikov's translation was not made from the English original, but from Blanqui's version of Garnier's French edition, including an apparatus that drew upon the commentary of Buchanan, Garnier, McCulloch, and others, which Bibikov retained in the Russian translation" (ibid., pp. 160-161). READ MORE Three volumes, octavo (202 x 134 mm). Contemporary black calf spines over black speckled boards, cloth corners, spines ruled and lettered gilt. Housed in a black cloth flat-back box by the Chelsea Bindery. Joints a little rubbed, gilt on spine faded; paper covering on boards a little cockled and worn, lifted in places and repaired. Pale waterstain to first few leaves of volume 1. Without pages 7-8 of volume 1 as in all recorded copies. Withal a very good set.

"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.