Succinctly explain how Adam Smith's "The Wealth of Nations" impacted society?

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Adam Smith's The Wealth of Nations is widely regarded as the book that laid the foundations of modern economics. It introduced the concept of the 'invisible hand' of competition and the free market, which,Smith contended, would transform the selfseeking acts of the individual so that they eventually worked for the common good. It is an idea that was adopted enthusiastically by the laissezfaire economists of the 19th century,and to this day lies behind the tax cutting policies of many right-centre governments.

Adam smith describes the four stage development of human society from the prehistoric hunting era through nomadic agriculture and farming in a feudal society to his own world which he sees as one of commerce , trade and cooperation. Adam Smith strongly believes the free excercise of the will of the individual will eventually lead to an orderly and productive society. It is this idea of free will that has shaped the society's of the modern economies.

Rahul Sunny answered 1 year ago

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