The Wealth Of Nations

The Wealth Of Nations

I was recently involved in a conversation about Adam Smith. He currently featured on the back of the £20 note but will be replaced next year. Some mentioned they hadn't heard of Adam Smith before. As it is World Book Day, I thought it would be an excellent opportunity to (hopefully) introduce him to a new audience.

Adam Smith is the author of a book called The Wealth Of Nations. He is considered by many to be the father of economics, and founder of the free market. When The Wealth of Nations was released in 1776, governments planned and managed much of the economy. Smiths book pioneered many of the free market concepts we now hold as self-evident. The Wealth Of Nations explained the importance of things like competition, specialisation, and the division of labour.

Being written over 200 years ago, The Wealth of Nations is a challenging read. Much of the content references the economics of the time, including the use of imperial currency. It is also extremely long. Having read it twice myself, I would say it is near impenetrable. However, the Adam Smith Institute released a condensed version which is significantly more accessible.