Andy Wood asks whether Adam Smith’s seminal work has any relevance for a modern Western economy like Britain’s today.
In March 1776, Adam Smith published his seminal work ‘Wealth of Nations’. But what is this book?
Published during the early shoots of the industrial revolution, it was a pioneering text in the field of economics. Smith and the Wealth of Nations is perhaps to economics as Darwin and the Origin of Species is to biology.
Smith took outdated, received wisdom relating to trade, commerce, and public policy and restated them based on new principles that are still used widely today. For example, he outlined the concept of gross domestic product as the measurement of national wealth.
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