The Wealth of Nations by Scottish economist and philosopher Adam Smith is published.

Adam Smith’s The Wealth of Nations (1776) is a foundational work in classical economics that explores the mechanisms behind economic growth, free markets, and the division of labor. Smith argues that individuals, driven by self-interest, inadvertently promote the greater good through market forces, a concept famously described as the “invisible hand.” He critiques mercantilism, advocating for free trade and minimal government intervention, except in cases where regulation is necessary to prevent monopolies or protect public interests. The book also emphasizes the benefits of specialization, explaining how the division of labor increases productivity and overall wealth. Smith’s insights laid the groundwork for modern capitalism and continue to influence economic thought today.