The Wealth of Nations, first published in 1776, contains a pioneering insight into economics, the processes involved in building a nation’s wealth, how commerce influenced the amelioration of a country, the basic functioning of a market economy, and many more such aspects of economics at the beginning of the Industrial Revolution.
Having been published in the same year that America’s Declaration of Independence was signed, The Wealth of Nationshad a fierce impact on the newly independent country and on Europe’s rising industrial bourgeoisie. Smith expresses his views on free trade and the counter-productive regulations applied to commerce. His radical take on the fact that a country’s wealth can only grow sustainably once an established trade of goods and services that it produces is underway, is still applicable in today’s market and it is now referred to as the gross national product. He also expresses his views on how beneficial the minimal involvement of the government would be to the market economy.