Adam Smith Publishes The Wealth of Nations (Chronology of European History)
Article abstract: Adam Smith publishes The Wealth of Nations, marking the culmination of Enlightenment political economy and the advent of modern economics.
Summary of Event
The publication of An Inquiry into the Nature and Causes of the Wealth of Nations by Adam Smith exerted greater influence in the systematization and development of economic theory than any other single work. In this volume, as in his lectures, Smith extracted economic theory from the broad field of moral philosophy and offered a comprehensive theory of economic value and of the operation of the market system. Although Smith was clearly dependent on others for many of the insights in The Wealth of Nations, the importance of his work has led many to call him the father of political economy.
Smith was reared by his widowed mother in the Scottish village of Kirkcaldy in Fifeshire and attended the University of Glasgow, where he studied moral philosophy under Professor Francis Hutcheson, who taught an optimistic natural philosophy. He subsequently studied classics at Oxford and lectured on rhetoric and belles-lettres in Edinburgh. In 1751, he...
(The entire section is 1462 words.)
Want to Read More?
Subscribe now to read the rest of this article. Plus get complete access to 30,000+ study guides!