Business Daily The book that built the modern economy
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Mar 9, 2026 John Hartley, Hoover Institution policy fellow advocating limited government and market institutions. Heather Boushey, Penn professor focused on inequality and policy. Craig Smith, historian of political thought on Adam Smith's radical 1776 ideas. They discuss the origins of The Wealth of Nations, how Smith challenged vested interests, the rise of free trade, and the modern debates over markets, inequality and political reactions.
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Handling A 1776 First Edition
- Rob Young views a first edition of The Wealth of Nations held by Dr Karen Attar at the University of London as a tangible 1776 artifact.
- Attar explains it's two volumes, printed on strong linen rag paper with long-s style S characters used until the 1790s.
Smith's Radical Diagnosis Of Commercial Power
- Adam Smith argued division of labour, limits of monopolies, and that a nation's wealth is living standards, not gold.
- Craig Smith emphasises Smith's book was a radical, evidence-backed attack on Britain's commercial establishment including the East India Company.
Wealth Of Nations As Analytical Toolkit
- The Wealth of Nations provided analytical tools to understand commercial society rather than a direct blueprint for global capitalism.
- Craig Smith notes Smith didn't use the term capitalism and expected his work to prevent misleading, self-interested economic theories.
