Books

WITH SMITH'S FINAL REVISIONS2 vols. tall 8vo. (iii)-xiv, 498; (iii)-viii), 489, [1 (blank)], [4 (appendix)], [55 (index)], [1 (blank)]pp., no half-titles, contemporary tree calf, sometime neatly and sympathetically rebacked, spines panelled by double gilt fillets and with the original black and maroon gilt decorated numbering and lettering labels relaid, original endpapers reused, some scattered light foxing. An excellent copy.Small contemporary printed shelf label at corner of front endpaper of vol.2. Small neat and pale name later stamp "N O'L Curtis" at top corner of title pages.ESTC t95114 KRESS B2617Based on the fifth London edition of 1789 which was the last before Smith's death in 1790, and which incorporated several significant revisions and additions. It included in particular a new chapter on the 'Conclusion of the Mercantile System' (here in vol.2, p.153-175)

"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.