An Inquiry Into the Nature and Causes of the Wealth of Nations.

SMITH, Adam.

$2,800.00

Item Number: 142658

London: Printed for J. Maynard, Panton Market, Haymarket; and F. Zinske, 448, Strand, 1811.

Early 19th century printing of Adam Smith’s ground-breaking analysis of capitalist economics. Octavo, 3 volumes bound in three quarter diced calf over marbled boards with gilt titles and tooling to the spine. In very god condition. Bookplate to each pastedown, printed bookplate of “A.C. Eustace” pasted over previous owner’s name to each title page and additional ownership inscription of A.C. Eustace to the first page of each Table of Contents. Embossed stamp “St. Anselm’s College Manchester, N.H. 1889” to each title page.

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. "The history of economic theory up to the end of the nineteenth century consists of two parts: the mercantilist phase which was based not so much on a doctrine as on a system of practice which grew out of social conditions; and the second phase which saw the development of the theory that the individual had the right to be unimpeded in the exercise of economic activity. While it cannot be said that Smith invented the latter theory...his work is the first major expression of it. He begins with the thought that labour is the source from which a nation derives what is necessary to it. The improvement of the division of labour is the measure of productivity and in it lies the human propensity to barter and exchange...Labour represents the three essential elements-wages, profit and rent-and these three also constitute income. From the working of the economy, Smith passes to its matter -'stock'- which encompasses all that man owns either for his own consumption or for the return which it brings him. The Wealth of Nations ends with a history of economic development, a definitive onslaught on the mercantile system, and some prophetic speculations on the limits of economic control...The Wealth of Nations is not a system, but as a provisional analysis it is complete convincing. The certainty of its criticism and its grasp of human nature have made it the first and greatest classic of modern economic thought" (PMM).