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- The Wealth of Nations, published in 1776, is a careful, thorough, and brilliant criticism of the mercantile system that governed economic policy in Great Britain during Smith's life.
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The latter, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. Smith is cited as the father of modern economics and is still among the most influential thinkers in the field of economics today.[
Definition: The Wealth of Nations is a book by the Scottish economist and moral philosopher Adam Smith. Significance: The Wealth of Nations is significant because it revolutionized economics and brought more national leaders into thinking of how to make their nations more wealthy which improved the quality of life.
policy based on the idea that government should play as small a role as possible in the economy, The idea that government should refrain from interfering in economic affairs. The classic exposition of laissez-faire principles is Adam Smith's Wealth of Nations (1776).
All Key Terms. AP European History. Wealth of Nations. Definition. "The Wealth of Nations" is a book written by Adam Smith in 1776. In this influential work, Smith discussed various economic concepts such as division of labor, productivity, and free trade. Related terms.
First published in 1776, The Wealth of Nations is widely regarded as the foundational work of classical economics. In it Smith sets out to challenge the predominant economic philosophy of mercantilism, advocating a largely laissez-faire system in its place.
"The Wealth of Nations" is a book written by Adam Smith in which he discusses the nature and causes of wealth in nations. It's considered one of the most important books in economic theory.
Wealth of Nations, a vastly influential work that championed free, unregulated markets and capitalist enterprise as the principal ingredients of prosperity. Smith’s optimism about capitalism sprang from his conviction that society as a whole benefits when individuals pursue their own economic interests and trade on a free market.
