Wealth of Nations

Scottish economist Adam Smith's groundbreaking eighteenth-century book laid the foundation for modern economic theory. He discusses the relationship between government and economic activity and the consequences of government interference in matters of commercial exchange, such as protectionism, tariffs, taxation, labour, productivity, wages, and price. Smith gives a history of economic development in Europe and addresses mercantilism and colonialism in the context of the American revolution, which was concurrent with the writing of Wealth of Nations.