The Wealth of Nations, entitled A Study on the Nature and Causes of the Wealth of Nations, is an economic work written by Adam Smith, a British classical economist. It was first published in 1776.

The Wealth of Nations holds that human nature is selfish, and the pursuit of personal interests is the only motivation for people to engage in economic activities. At the same time, people are rational. As rational economic people, people can get the greatest personal benefits in economic activities. If this kind of economic activity will not be disturbed, then under the guidance of the invisible hand of the price mechanism, people will not only maximize their personal interests, but also enhance public interests.

The Wealth of Nations laid the theoretical foundation of capitalist free economy, and its publication marked the establishment of the theoretical system of classical political economy, which can be called the "Bible" of western economics.

The Creative Background of The Wealth of Nations

Britain is the first country in the world to establish a capitalist system. By the first half of18th century, Britain was far ahead in the capitalist world. The Wealth of Nations was written on the eve of the industrial revolution. At that time, workshop handicraft was still the main form of British capitalist production, but the trend of machine production replacing manual technology became more and more obvious.

Although the primitive accumulation of capitalism has been completed, feudal forces occupy a dominant position in politics and a large number of feudal economies exist, which seriously hinders the further development of capitalism. The times urgently require the birth of a new economic theoretical system.

While teaching at Glasgow University, Smith not only paid attention to moral issues, but also often inspected the economic life of Glasgow Industrial Zone, and gradually shifted his academic focus to economic aspects. At the same time, he also joined the Political Economy Club in Glasgow. In this series of activities, Smith gradually formed his own economic thought.

1764, Smith resigned as a professor at Douglas University and became the personal teacher of the young Duke Becquerel, accompanying him to travel around the European continent. In Paris, he met Voltaire, the representative of the French Enlightenment School, Quesnay, Durge and other celebrities, and benefited a lot from his contacts.

1767 After returning to his hometown, Smith wrote a book behind closed doors. 1773, he took his book to London for publication. But when he arrived in London, Smith found that many new materials had been published during his years of seclusion. It took him another three years to supplement and revise this book, and finally published The Wealth of Nations in 1776.

Baidu encyclopedia-on the wealth of nations