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Adam Smith’s The Wealth of Nations is one of history’s most revolutionary works on economics, with basic principals that remain applicable to today’s business world.
Smith wrote it in an effort to transform the way Europeans created and sold products and to promote the concept of a free market. The book was a catalyst for change, quickly spreading throughout the world new and revolutionary ways to improve the financial systems of Europe by making them more productive. It promoted the concept of specializing in products that are conducive to the resources and skills of a country. This period, known as the Industrial and Agricultural Revolution, was marked by an economy that had both positive and negative aspects.
The Industrial Revolution did lead to some good, such as a longer life expectancy and new technology. It also led to some changes that Smith did not anticipate, such as the rise of the Bourgeoisie as a main power, extremely poor living conditions for the working class, and horrific labor conditions for women and children.
As The Wealth of Nations grew in popu…