In 1776, an economics book titled _______ was published to promote concept of free enterprise

If you're exploring the core ideas of The Wealth of Nations—from free enterprise to the invisible hand—here’s your answer with key insights from Adam Smith’s work. For help with other economic theories or historical texts, Newassignmenthelp.com is ready to assist.

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Answer: The Wealth of Nations, By Adam Smith, was published in 1776 to promote the concept of free enterprise.

The main idea of the book was to introduce the concept of free enterprise and how an invisible hand can drive economic growth.

Free Enterprise

Free enterprise here refers to the market condition where the government and regulation agencies interfere minimally among the businesses. These would allow the businesses to take suitable actions for their growth. The author, Adam Smith, argued that a country's economy depended on its capability of producing goods and services. So instead of hoarding gold and silver, they should focus on promoting businesses.

The Invisible Hand

The invisible hand refers to the metaphysical aspect of personal growth. Adam argued that in a free market, people will pursue their own self-interests and by extension do good for society. The competition and the division of labor would create a mutually competitive yet thriving industry.

Adam’s ideas were a cornerstone for the founding generation of America. Their mark can still be noticed in the economy.

Did you know

• The Wealth of Nations published in 1776 is considered the first comprehensive work of modern economics.

• Adam Smith spent 10 years writing the book.

• Adam introduced the idea of labor specialization and how it can significantly enhance productivity.
• Although Adam was all about Free enterprises, he had warned about the disadvantages of monopoly and government favoritism.
• The famous concept of the Invisible Hand was only mentioned during the whole book. Yet it became the most impactful and memorable aspect of the book.