'The Wealth of Nations', officially titled 'An Inquiry into the Nature and Causes of the Wealth of Nations', is a work by the Scottish economist and philosopher Adam Smith. This landmark text was published in 1776 during a period of significant change in economic theory and practice. Addressing the political economy of the time, Smith examined trade, productivity, and economic policies, famously arguing against the prevailing mercantilist thought that prioritized state intervention and protectionism. His analysis of economic systems sharply criticized the limitations imposed by mercantilism and introduced the idea that individual pursuits of self-interest inadvertently contribute to the overall economic prosperity of society—a concept that would become fundamental to classical economics.In 'The Wealth of Nations', Smith laid out principles such as the division of labor, which increases productivity and efficiency; the importance of free markets that operate without undue government interference; and the notion of the 'invisible hand' guiding economic forces. His observations on labor, trade, and capital helped to shape modern ideas around capitalism, defining the relationship between supply and demand in a competitive market. The text addressed various economic issues, including taxation, public works, and economic disparity, offering insights that still resonate in contemporary discussions on economics and policy.The influence of 'The Wealth of Nations' extended well beyond Smith's lifetime. Its ideas contributed not only to the development of economic theory but also to the policies adopted by nations during the Industrial Revolution and beyond. The book is often regarded as a cornerstone of modern economics, inspiring subsequent thinkers and leading to ideological movements advocating for free markets, laissez-faire capitalism, and liberal economic policies. Smith's work sparked debates on the role of government in economics, thus affecting various aspects of social and political thought.