1776Reputable sourceWell documented
Adam Smith and the Wealth of Nations
On the timeline · around 1776 ·
What happened
The Scottish philosopher Adam Smith published An Inquiry into the Nature and Causes of the Wealth of Nations, arguing that free markets, guided as if by an 'invisible hand,' could generate prosperity, and that the division of labor was the engine of economic growth.
Why it matters
The Wealth of Nations founded modern economics and made the intellectual case for free-market capitalism — ideas that have shaped economic policy and debate ever since.
Sources
- World History Encyclopedia. Adam Smith · Reputable source
Related timelines
- History of Money → — The founding of modern economics