Publisher Description

The classic economic treatise that insipired Thomas Piketty's Capital in the Twenty-First Century The publication of The Wealth of Nations in 1776 coincided with America's Declaration of Independence, and with this landmark treatise on political economy, Adam Smith paved the way for modern capitalism, arguing that a truly free market - fired by competition yet guided as if by an 'invisible hand' to ensure justice and equality - was the engine of a fair and productive society. Books I - III of The Wealth of Nations examine the 'division of labour' as the key to economic growth, by ensuring the interdependence of individuals within society. They also cover the origins of money and the importance of wages, profit, rent and stocks, but the real sophistication of his analysis derives from the fact that it encompasses a combination of ethics, philosophy and history to create a vast panorama of society. This edition contains an analytical introduction offering an in-depth discussion of Smith as an economist and social scientist, as well as a preface, further reading and explanatory notes by Andrew Skinner. For more than seventy years, Penguin has been the leading publisher of classic literature in the English-speaking world. With more than 1,700 titles, Penguin Classics represents a global bookshelf of the best works throughout history and across genres and disciplines. Readers trust the series to provide authoritative texts and notes by distinguished scholars and contemporary authors, as well as up-to-date translations by award-winning translators.

This thoughtful new abridgment is enriched by the brilliant commentary which accompanies it. In it, Laurence Dickey argues that the Wealth of Nations contains--and conceals--a great deal of how Smith actually thought a commercial society works. Guided by his conviction that the so-called Adam Smith Problem--the relationship between ethics and economics in Smith's thinking--is a core element in the argument of the work itself, Dickey's commentary focuses on the devices Smith uses to ground his economics in broadly ethical and social categories. An unparalleled guide to an often difficult and perplexing work.

This edition contains generous selections from all five volumes of The Wealth of Nations, and places Smith's inquiry into its historical, intellectual, and cultural context.

"Michael J. Chan argues, on a methodological level, for the deeper integration of iconographic materials into the task of tradition history-a method that has tended to focus on textual evidence alone. Following the work of O.H. Steck, however, 'tradition' is understood in more flexible terms, to refer to inherited concepts and constellations, which can exist across multiple media. The author undertakes a tradition-historical study of the 'Wealth of Nations Tradition' - a series of texts in which the foreign nations of the earth bring their wealth to Zion (1 Kgs 10:1-10, 13, 15//2 Chr 9:1-9, 12, 14; 1 Kgs 10:23-25//2 Chr 9:22-24; Pss 68:19, 29-32; 72:10-11; 76:12; 96:7-8//1 Chr 16:28-29; Isa 18:7; 45:14; 60:4-17; 61:5-6; 66:12; Zeph 3:10; 2 Chr 32:23). The Wealth of Nations tradition is found throughout the ancient Near East. Michael J. Chan shows that in some cases, the biblical texts reflect this tradition with little to no modification while in others the tradition is recast in creative and disruptive ways"--

Adam Smith’s masterpiece, first published in 1776, is the foundation of modern economic thought and remains the single most important account of the rise of, and the principles behind, modern capitalism. Written in clear and incisive prose, The Wealth of Nations articulates the concepts indispensable to an understanding of contemporary society; and Robert Reich’s Introduction both clarifies Smith’s analyses and illuminates his overall relevance to the world in which we live. As Reich writes, “Smith’s mind ranged over issues as fresh and topical today as they were in the late eighteenth century—jobs, wages, politics, government, trade, education, business, and ethics.” Introduction by Robert Reich • Commentary by R. H. Campbell and A. S. Skinner • Includes a Modern Library Reading Group Guide