An İnquiry into the Nature and Causes of the Wealth of Nations

An Inquiry into the Nature and Causes of the Wealth of Nations (1776) is a foundational work of classical political economy and one of the most influential texts in modern economic thought. In this comprehensive study, Adam Smith examines the sources of national prosperity, arguing that the wealth of a nation derives not from the accumulation of gold and silver, as maintained by mercantilist doctrine, but from the productive labor of its people and the efficient organization of markets.

Smith develops key concepts such as the division of labor, productivity growth, capital accumulation, and the operation of supply and demand. He famously articulates the principle that individuals pursuing their own interests within a competitive market framework can unintentionally promote the general welfare—an idea later summarized as the “invisible hand.” The work also explores taxation, public finance, international trade, and the proper functions of government, advocating limited but essential state intervention in areas such as justice, defense, and public works.

Beyond economics, the book offers a broader philosophical reflection on liberty, moral order, and the institutional foundations of commercial society, shaping debates on capitalism, free trade, and economic policy for centuries.