Books

[Economics] EIGHTH EDITION. Complete in three volumes. Octavo (22 x 14cm), pp.[2] x; 499 [3]; pp.[2] vi; 518 [6]; pp.vi; 465; [1]; [50]; [2], blank. Bound without half-titles. With an appendix to volume II, and an index to volume III. Contemporary speckled full calf, with gilt titles to black labels, and further gilt decoration to spines. Lovely crisp, clean volumes, with some spotting to endpapers and facing leaves. Bindings show some wear to spines and joints. Upper joint of volume III split and tender. Very good. Reputedly stolen by Gypsies at the age of three, Smith grew up to become one of the pillars of the Scottish Enlightenment, winning fame as a moral philosopher as well as an economist. In 'The Wealth of Nations,' Smith laid the intellectual foundations for a liberal free-market society, and in so doing revolutionised the understanding of how societies, governments, and markets interact. He always insisted, from 'The Theory of Moral Sentiments' onwards, that the 'invisible hand of the market' would regulate capitalist impulses and channel excessive behaviour into productive and beneficent projects. 'The Wealth of Nations' further addresses questions of sovereignty of colonies, the origins of coinage, and the concept of credit, all of which would have a profound influence on the germinating United States of America, which declared independence in July 1776, the same year that Smith's work was first published.

"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.