The Wealth Of Nations

Definition

This is an influential book written by Adam Smith in 1776. It discusses concepts like division of labor, productivity, and free markets. It's considered one of the foundational texts in the field of economics.

Related terms

Free Trade: International trade left to its natural course without tariffs, quotas, or other restrictions; Smith was a strong advocate for this concept.

Mercantilism: An economic theory that trade generates wealth and is stimulated by the accumulation of profitable balances; Smith criticized this approach in his book.

Economic Liberalism: The ideological belief in organizing the economy on individualist lines such that the greatest possible number of economic decisions are made by private individuals rather than by collective institutions; a key theme in "The Wealth Of Nations".