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 over a ten-year period, this work was first published in 1776. It is the classic statement of economic liberalism or the policy of laissez-faire. The Wealth of Nations is an engrossing analysis of the economic facts of life. Several fundamental principles, many of which are now referred to as axioms, were introduced in this work, the division of labor, supply-and-demand, and free market capitalism being among the most obvious. Smith's political economy is primarily individualistic; self-interest is the incentive for economic action. However, he shows that universal pursuit of self-interest contributes to the public interest, a concept probably best encapsulated by John F. Kennedy when he remarked, "a rising tide raises all boats."
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