Wealth of Nations Overview

Adam Smith: Wealth of Nations, 1776 (Overview)

Book One

Of the Causes of Improvement in the productive Powers of Labour, and of the Order according to which its Produce is naturally distributed among the different Ranks of the People

Chapters I-X (file size: 320 K):

I. Of the Division of Labour
II. Of the Principle which gives Occasion to the Division of Labour
III. That the Division of Labour is limited by the Extent of the Market
IV. Of the Origin and Use of Money
V. Of the real and nominal Price of Commodities, or of their Price in Labour, and their Price in Money
VI. Of the component Parts of the Price of Commodities.
VII. Of the natural and market Price of Commodities
VIII. Of the Wages of Labour
IX. Of the Profits of Stock
X. Of Wages and Profit in the different Employments of Labour and Stock

Chapter XI (file size: 277 K):

Of the Rent of Land
Part 1. Of the Produce of Land which always affords Rent
Part 2. Of the Produce of Land which sometimes does, and sometimes does not, afford Rent
Part 3. Of the Variations in the Proportions between the respektive Values of that Sort of Produce which always affords Rent, and of that which sometimes does and sometimes does not afford Rent
Digression concerning the Variations in the Value of Silver during the Course of the Four last Centuries.
Variations in the Proportion between the respective Values of Gold and Silver
Grounds of the Suspicion that the Value of Silver still continues to decrease
Different Effects of the Progress of Improvement upon the real Price of three different Sorts of rude Produce
Conclusion of the Digression concerning the Variations in the Value of Silver
Effects of the Progress of Improvement upon the real Price of Manufactures
Conclusion of the Chapter

Book Two

Of the Nature, Accumulation, and Employment of Stock

Chapters I-II (file size: 133 K):

I. Of the Division of Stock
II. Of Money considered as a particular Branch of the general Stock of the Society, or of the Experience of maintaining the National Capital

Chapters III-V (file size: 105 K):

III. Of the Accumulation of Capital, or of productive and unproductive Labour
IV. Of Stock lent at Interest
V. Of the different Employment of Capitals

Book Three

Of the different Progress of Opulence in different Nations

Chapters I-IV (file size: 98 K):

I. Of the Natural Progress of Opulence
II. Of the Discouragement of Agriculture in the ancient State of Europe after the Fall of the Roman Empire
III. Of the Rise and Progress of Cities and Towns, after the Fall of the Roman Empire
IV. How the Commerce of the Towns contributed to the Improvement of the Country

Book Four

Of Systems of political OEconomy

Chapters I-VI (file size: 301 K):

I. Of the Principle of the commercial, or mercantile System
II. Of Restraints upon the Importation from foreign Countries of such Goods as can be produced at Home
III. Of the extraordinary Restraints upon the Importation of Goods of almost all Kinds, from those Countries with which the Balance is supposed to be disadvantageous
IV. Of Drawbacks
V. Of Bounties
Digression concerning the Corn Trade and Corn Laws
VI. Of Treaties of Commerce

Chapters VII-IX (file size: 322 K):

VII. Of Colonies
VIII. Conclusion of the Mercantile System
IX. Of the Agricultural Systems, or of those Systems of Political OEconomy, which represent the Produce of Land, as either the sole or the principal Source of the Revenue and Wealth of every Country

Book Five

Of the Revenue of the Sovereign or Commonwealth

Chapter I, part 1 & 2 (file size: 74 K):

Of the Expences of the Sovereign or Commonwealth
Part 1. Of the Expence of Defence
Part 2. Of the Expence of Justice

Chapter I, part 3 & 4 (file size: 224 K):

Part 3. Of the Expence of Public Works and Public Institutions
Article 1st. Of the Public Works and Institutions for facilitating the Commerce of Society
Article 2d. Of the Expence of the Institutions for the Education of Youth
Article 3d. Of the Expence of the Institutions for the Instruction of People of all Ages
Part 4. Of the Expence of supporting the Dignity of the Sovereign
Conclusion of the Chapter

Chapter II (file size: 228 K):

Of the Sources of the general or public Revenue of the Society
Part 1. Of the Funds or Sources of Revenue which may peculiarly belong to the Sovereign or Commonwealth
Part 2. Of Taxes
Article 1st. Taxes upon Rent; Taxes upon the Rent of Land
Taxes which are proportioned, not to the Rent, but to the Produce of Land
Taxes upon the Rent of Houses
Article 2d. Taxes upon Profit, or upon the Revenue arising from Stock
Taxes upon the Profit of particular Employments
Appendix to Articles 1st and 2d. Taxes upon the Capital Value of Lands, Houses, and Stock
Article 3d. Taxes upon the Wages of Labour
Article 4th. Taxes which, it is intended, should fall indifferently upon every different Species of Revenue
Capitation Taxes
Taxes upon consumable Commodities

Chapter III (file size: 112 K):

Of public Debts
Appendix on the Herring Bounty

Note: Adam Smith (1723-1790), considered the father of modern economic theory. Only to a very limited extent should the state interfere with economic life; a form of laissez-faire, although Smith never uses this expression in his magnum opus. The invisible hand at work within the market mechanism will ascertain that all the needs in society will be covered. Work is the basis for all well-being, while monopoly and cartels are obstacles for the beneficial processes.

After the publication of The Wealth of Nations in 1776, Smith became commissioner of customs at Edinburgh. During his time as "professor of moral philosophy" at Glasgow University, Smith also wrote a moral treatise, "The Theory of Moral Sentiments" (1759).

[English Homepage]
[Svensk bassida]
[Origo menu]

***