First published in 1776, The Wealth of Nations is a foundational work in economics, where Smith explores the nature of economic systems and the principles underlying wealth creation. He examines how nations can achieve economic prosperity through mechanisms such as free markets, division of labor, and competition, fundamentally opposed to Karl Marx's economic theories. Smith argues that individuals pursuing their self-interest, within a framework of competition and limited government intervention, leads to economic benefits for society as a whole. He introduces key concepts such as the "invisible hand," which suggests that self-interested actions can unintentionally benefit society. Smith’s ideas laid the groundwork for classical economics, and his advocacy for free markets and minimal government interference helped shape the development of capitalist economies and remains a central reference point in discussions about economic policy and market dynamics.
