The Wealth of Nations [Paperback]

Adam Smith’s masterpiece, first published in 1776, is the foundation of modern economic thought and remains the single most important account of the rise of, and the principles behind, modern capitalism. Written in clear and incisive prose,The Wealth of Nationsarticulates the concepts indispensable to an understanding of contemporary society; and Robert Reich’s Introduction both clarifies Smith’s analyses and illuminates his overall relevance to the world in which we live. As Reich writes, “Smith’s mind ranged over issues as fresh and topical today as they were in the late eighteenth century—jobs, wages, politics, government, trade, education, business, and ethics.”
 
Introduction by Robert Reich • Commentary by R. H. Campbell and A. S. Skinner • Includes a Modern Library Reading Group Guide

Robert Reichis Chancellor’s Professor of Public Policy at the Goldman School of Public Policy at the University of California, Berkeley. His books includeThe Work of Nations, Reason, Supercapitalism,andAftershock.

1. Many of the concepts developed by Adam Smith inThe Wealth of Nations-the nature of free trade, laissez-faire, the division of labor-were revolutionary notions in 1776, and remain central to contemporary liberal economic thought. Discuss contemporary economics in light of some of the key notions elaborated by Smith.

2. Smith famously writes: “It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest. We address ourselves, not to their humanity but to their self-love. . . .” What does Smith mean by “self-love” l?