This Week in History

CWA # 1246
This Week in History
09 March 1776: Adam Smith publishes “The Wealth of Nations”

Sivasubramanian K
17 March 2024
Photo Source: Wikimedia/Foundation for Economic Education

On 09 March 1776, Adam Smith, published the first edition of An Inquiry into the Nature and Causes of the Wealth of Nations, more commonly known as The Wealth of Nations.

Adam Smith, a philosopher and economist, born in Scotland in 1723, introduced the concept that unrestricted trade would support and benefit individuals and society as a whole. His work, The Wealth of Nations, had a significant impact on economics research and explains how countries accumulate wealth.

Adam Smith argues that countries will develop when people are free to follow their interests in the free market without interference from the government. Despite belonging to a different era ( the book was first published before the Industrial Revolution) The Wealth of Nations continues to provide potent answers to the most complex economic issues. The book  demonstrates on how having the ability to work, trade, save, and invest fosters the prosperity without requiring a direction or the intervention of government.

Smith also argued in favour of the free market as a flexible and adaptive mechanism that can handle whatever comes its way in the future and survive the shock of the new. He stresses the basic idea that the division of labour and capital accumulation permits enable productive capability. Production can be greatly streamlined by dividing it up into numerous little jobs that are completed by specialised workers. Producers are left with excess, which they can trade or put towards purchasing new, even more effective labour-saving equipment.

Another recurring subject in The Wealth of Nations is the threat that monopolies, tax breaks, trade restrictions, and other benefits that producers obtain from the government pose to free trade and competition.

The accumulation of capital is the basis for a nation's future revenue, according to Smith's third theme. Future wealth creation will increase with the amount invested in more efficient production methods. However, individuals need to have faith that their capital will be safe from theft if they plan to accumulate it.

The nations that increase, prudently manage, and safeguard their capital are the ones that succeed. This system's automated nature is another recurring topic. When something is scarce, consumers are willing to shell out more for it because producing it yields a higher profit margin, which encourages producers to invest more money in its production. Producers move their capital and venture elsewhere when there is a glut, cheap prices, and profits. Thus, without a requirement for fundamental guidance, the industry continues to be focused on the most unyielding needs of the country.

Recent research on The Theory of Moral Sentiments has greatly increased Adam Smith’s significance as a moral philosopher. His other writings on science, the expressive arts, and the essence of justice are all seen as important contributions to Enlightenment ideas. Additionally, he is significantly more complex; as seen in his prior works, Smith was not content with advocating the virtues of free markets and the supremacy of human greed. His investigations and conclusions are significantly more nuanced, practical, and compassionate. He discovered economic rules as strong and long-lasting as Newton's laws governing the physical universe.

The multilateral trade system run by the World Trade Organisation (WTO) will inevitably find its way back to the forefront of the institutional framework governing the global economy. Human prosperity has increased and spread most when economic freedom tempered by Smith's moral virtues of beneficence, fairness, prudence, and self-control is permitted to flourish. A large portion of the world benefited from the open trade phase of the 19th century, which also offered cheap goods and food to people. One billion people were lifted out of dollar-a-day deprivation as a result of the globalisation that occurred in the 20th and 21st centuries, which included almost all countries in the global economic system. The theoretical and practical legacy of Adam Smith is undeniable. Whether or not governments around the world will ever cease frittering it away is the question.

For some, Smith appears to be a contradiction. He supports publicly supported education for all while opposing suffocating government intrusion. He also suggests a "business society," which is governed by each person's moral conscience, acknowledging their self-interest while also considering interdependence and relationality.

It was Smith who first emphasised the importance of economy in other disciplines including social, psychological, and political science. He was among the first to take a systemic approach to the structure of economies in business society and show how it could be examined as a phenomenon, despite the fact that Aristotle and Rousseau had written on the subject. Smith was among the first thinkers to position the economy at the centre of both social and societal processes, despite the fact that his ideas about the "best" type of society have been appropriated.

Smith is frequently cited as the founder of the free market and contemporary economics.

This Week in History is a new addition to our research publications, looking at the history, its importance, consequences/legacies, and relevance today. We hope this will add historic value to two of our flagship publications- Conflict Weekly and The World This Week. A shorter version of the above will be published in Conflict Weekly/The World This Week.

About the author

Dr Sivasubramanian K is an Assistant Professor, and the Coordinator of the Department of Economics, Kristu Jayanti College, Bengaluru.

In the series:
14 March 1849: The Sikh Army surrenders to the British
12 March 1918: Lenin shifts the capital to Moscow


PREVIOUS COMMENTS

The World This Quarter 
April 2026 | CWA # 2065

Lakshmi Venugopal Menon

The Middle East (Jan–Mar 2026):
The US-Iran War, Israel-Hamas Conflict and their interconnected fallouts
The World This Quarter 
April 2026 | CWA # 2064

Anwesha Ghosh

Afghanistan (Jan–Mar 2026):
Gender Repression, Leadership Rifts, Regional Realignments and Clashes with Pakistan
The World This Quarter 
April 2026 | CWA # 2063

Ramya B

Russia (Jan-Mar 2026)
Assertive Military Posture, Attempts for an Economic Turnaround and Search for Partners
The World This Quarter 
April 2026 | CWA # 2062

Himani Pant

Europe (Jan-Mar 2026)
Trade diversification & FTAs, Increased defence spending, Tightening irregular migration and Economic slowdown
The World This Quarter 
April 2026 | CWA # 2061

S Shaji

Africa (Jan-Mar 2026)
Elections, Civil Wars, Militancy and Peace Initiatives
The World This Quarter 
April 2026 | CWA # 2059

Adarsh Vijay

India and the World (Jan-Mar 2026)
Maintaining Strategic Autonomy, Balancing the US relations and Resetting the China ties 
The World This Quarter 
April 2026 | CWA # 2058

Nishchal N Pandey  & Mahesh Raj Bhatta

Nepal (Jan-Mar 2026)
Political Upheaval, Generational Change and Economic Uncertainty
The World This Quarter 
April 2026 | CWA # 2057

Bibhu Prasad Routray

Myanmar (Jan-Mar 2026)
An Illegitimate Regime’s Consolidation Game
The World This Quarter
April 2026 | CWA # 2056

Ashik J Bonofer

Southeast Asia (Jan-Mar 2026)
Deteriorating situation in Myanmar, Philippines as the ASEAN Chair, New government in Thailand, and Economic & Environmental challenges
The World This Quarter 
April 2026 | CWA # 2055

Haans J Freddy

East Asia (Jan-Mar 2026)
China’s military operations near Taiwan, Japan-China tensions and South Korea’s security challenges
The World This Quarter
April 2026 | CWA # 2052

Shreya Upadhyay

The United States (Jan-Mar 2026)
Tariffs, Ukraine, Iran and Operationalization of Trump’s World Order
March 2026 | CWA # 2039

Femy Francis

Trump-Xi Meeting
Why did Trump reschedule it? What does that mean?
March 2026 | CWA # 2035

Akshath Kaimal

Pakistan-Afghanistan Conflict
Broken ceasefire, Expanding military strikes and Worsening humanitarian situation
Global Politics Early Bird
March 2026 | CWA # 2033

Mahesh Bhatta

Nepal after elections:
Five major challenges for the new government
March 2026 | CWA # 2024

Lekshmi MK

The UN and the Iran-US War
UNSC Resolution 2817 between “Clear and Unified Message” and “Manifest Injustice”
March 2026 | CWA # 2023

Femy Francis

China’s Two Sessions 2026
New Five-Year Plan, Ethnic Unity Law, and an Enhanced Defence Budget
March 2026 | CWA # 2019

Akshath Kaimal

Rising Violence in Nigeria
Limited State Capacity, Multiple Actors, and a Complex Security Environment
March 2026 | CWA # 2012

Padmashree Anandhan

The War in Ukraine
Long-range strikes, Defence adaptation and the EU’s energy dependence
Global Politics Early Bird
March 2026 | CWA # 2010

Mahesh Bhatta

Nepal Elections 2026
The Rise of the “New” and the Fall of the “Old”
March 2026 | CWA # 2009

Sreemaya Nair

Nepal Elections 2026
Rise of a new leadership and Reset in political landscape
February 2026 | CWA # 1998

Anu Maria Joseph

Instability in Sudan
Response to the genocide call and the threats of a regional spillover
PR Commentary
February 2026 | CWA # 1985

Abhimanyu Solanki

Basant in Pakistan
The return of Basant, and what it signifies
February 2026 | CWA # 1977

Anu Maria Joseph

Violence in Nigeria
US military deployment amidst worsening insurgency
February 2026 | CWA # 1976

Lekshmi MK

The War in Ukraine
The Geneva Talks and Growing Negotiation Asymmetry
Pakistan in 2025
December 2025 | CWA # 1971

Vani Vyshnavi Jupudi

Pakistan Budget 2025-26
Legislating stabilisation under IMF discipline and coalition constraints
Pakistan in 2025
December 2025 | CWA # 1970

Aparna A Nair

Pakistan & China
Ten Years of China-Pakistan Economic Corridor (CPEC)
PR Explainer
November 2025 | CWA # 1968

Vani Vyshnavi Jupudi

Pakistan and the US
A New opening, or another cycle?
February 2026 | CWA # 1959

Yesasvi Koganti

UK and China
PM Keir Starmer’s visit and the Recalibration of Economic, Strategic, and Domestic ties
TWTW Note
January 2026 | CWA # 1946

R Preetha

The Davos Summit 2026
Five Major Takeaways from The World Economic Forum
State of Global Politics 2025
December 2025 | CWA # 1931

Padmashree Anandhan

NATO Summit 2025
State of Global Politics 2025
December 2025 | CWA # 1924

Padmashree Anandhan

NATO Summit 2025
This Week in History
August 2025 | CWA # 1801

R Preetha

28 August 1963
Martin Luther King's "I Have a Dream" speech and the Civil Rights Movement in the US
The World This Week
August 2025 | CWA # 1790

GP Team

The World This Week#323-324
The Trump-Putin meeting & the US-China tariff extension
TWTW note
August 2025 | CWA # 1780

Abhiruchi Chowdhury

Trump tariffs:
Weaponization of access to the US economy
The World This Week
August 2025 | CWA # 1779

GP Team

The World This Week#322
US tariffs on India, Brazil and Canada & the EU-US trade deal
This Week in History
August 2025 | CWA # 1778

Lekshmi MK

28 July 1914
Austria-Hungary declares war on Serbia, starting the First World War
Global Politics Explainer
July 2025 | CWA # 1770

Abhiruchi Chowdhury

Pakistan-Afghanistan relations:
Why the focus on terrorism, refugees, and Uzbekistan as the third partner?
The World This Week
July 2025 | CWA # 1769

GP Team

The World This Week#321
Indian PM Modi's visit to the Maldives I Elections to the Upper House in Japan
Global Politics Explainer
July 2025 | CWA # 1762

Lekshmi MK

Ocean Darkening: 
What is the phenomenon? What are its effects? And who are more vulnerable?
Global Politics Explainer
July 2025 | CWA # 1749

R Preetha

Africa as the Hunger Epicenter
Of the 13 Global Hunger Hotspots, 8 are in Africa: Five reasons why
The World This Week
July 2025 | CWA # 1748

GP Team

The World This Week #318
PM Modi’s Visit to Trinidad and Tobago & Ghana, One big beautiful bill, and Quad Foreign Ministers Meeting
Global Politics Explainer
July 2025 | CWA # 1744

Chittrothu Vaihali

EU-Canada Summit 2025
What is security and defence partnership all about?
Conflict Weekly
July 2025 | CWA # 1742

IPRI Team

Conflict Weekly # 287-88
The 12 Day War and the Congo-Rwanda Peace Deal
Global Politics Explainer
July 2025 | CWA # 1738

Fleur Elizabeth Philip

Thailand and Cambodia
What was the phone call between PM Shinawatra and President of Senate Hun Sen? What is the border dispute between the two? Why has this become an issue?
TWTW Note
June 2025 | CWA # 1735

Padmashree Anandhan

NATO Summit 2025:
Trump making Europe great again
The World This Week
June 2025 | CWA # 1734

GP Team

The World This Week #317
NATO Summit 2025 and Russia-Mali bilateral agreements
Global Politics Explainer
June 2025 | CWA # 1733

Ananya Dinesh

China and the Pacific Islands 
What was the recent China-PIC joint statement about? What it says, and what it means?
TWTW Note
June 2025 | CWA # 1728

M Kejia

G7 Summit 2025:
The Focus on the Middle East and Trade negotiations
TWTW Note
June 2025 | CWA # 1727

Aparna A Nair

Second China-Central Asia Summit:
China’s continuing search for regional partners, and the emphasis on the BRI
The World This Week
June 2025 | CWA # 1726

GP Team

The World This Week #316
China-Central Asia Summit in Kazakhstan, and the G7 Summit in Canada
Global Politics Explainer
June 2025 | CWA # 1725

Brighty Ann Sarah, R Preetha, Santhiya M, Aparna A Nair & M Kejia

Operation Midnight Hammer: US bombs three nuclear sites in Iran
What were the three Iranian nuclear sites that were targeted? What are the B2 Bombers and Bunker Buster Bombs? What do these attacks mean? What Next?
Conflict Weekly
June 2025 | CWA # 1724

IPRI Team

Conflict Weekly #286
The Spiralling Israel-Iran Crisis, and the Dangerous Hunger Hotspots
Global Politics Explainer
June 2025 | CWA # 1721

Rizwana Banu S and Santhiya M

Who are the Afrikaners?
Why is Trump interested in the Afrikaner question in South Africa?
Global Politics Explainer
June 2025 | CWA # 1720

Lekshmi MK

New WMO Report on Arctic Warming
What are the social, economic and environmental implications of Arctic warming
Global Politics Explainer
June 2025 | CWA # 1719

J Yamini  

China’s EV Surge
What contributes to the rise of BYD
Global Politics Explainer
June 2025 | CWA # 1717

J Yamini

Gender Violence in Pakistan:
What are the larger issues in the Noor Mukadam case?
TWTW Note
June 2025 | CWA # 1715

Femy Francis

The US-China:
On Tariffs, Rare Earths and Visas
The World This Week
June 2025 | CWA # 1713

GP Team

The World This Week #315
The UN Ocean Conference in France and the US-China Meeting in London
Conflict Weekly
June 2025 | CWA # 1709

IPRI Team

Conflict Weekly #284-285
Cambodia-Thailand Border Tensions, Protests in the US, and the Indigenous Māori question in New Zealand
The World This Week
June 2025 | CWA # 1705

GP Team

The World This Week #314
Elections in South Korea and Poland I China and the Pacific Island Countries I Bangladesh Election Announcement 2026
Global Politics Explainer
June 2025 | CWA # 1703

M Kejia 

Sagarmatha Sambaad in Nepal
Kathmandu’s Global Agenda for the Himalayas
Global Politics Explainer
June 2025 | CWA # 1700

R Preetha

Ethiopia bans the TPLF
What does the TPLF ban mean for the Pretoria agreement? What next for Ethiopia?
TWTW Note
June 2025 | CWA # 1694

Aashish Ganeshan

The US:
Harvard vs Trump Administration
The World This Week
June 2025 | CWA # 1691

GP Team

The World This Week #313
China-ASEAN-GCC Summit I President Macron's visit to South East Asia I Trump Vs Harvard
The World This Week
May 2025 | CWA # 1690

GP Team

The World This Week #312
Elections in Romania, Portugal & Poland I UK-EU Summit
CW Note
May 2025 | CWA # 1689

Padmashree Anandhan

Ukraine
Continuing Russia’s Aerial Attacks, despite exchange of prisoners
CW Note
May 2025 | CWA # 1688

Ayan Datta

Gaza
The Humanitarian Crisis and Israel’s Renewed Offensive
TWTW Note
May 2025 | CWA # 1685

Aparna A Nair

UK-EU Summit:
First step towards a reset
TWTW Note
May 2025 | CWA # 1683

Aashish Ganeshan

Elections in Portugal:
The Rise of Chega Party and the Search for Political Stability
TWTW Note
May 2025 | CWA # 1679

Aashish Ganeshan

US in the Middle Easr
Trump’s visit to Saudi Arabia, Qatar and UAE
TWTW Note
May 2025 | CWA # 1678

Gauri Gupta

China in Latin America
China-CELAC forum: Strengthening ties with Latin America and Caribbean
The World This Week
May 2025 | CWA # 1677

GP Team

The World This Week #310-311
China in Latin America and the Carribbean I Trump's Middle East Visit I Denmark as the new Arctic Chair
CW Note
May 2025 | CWA # 1675

Lekshmi MK

Turkey:
PKK disbands after 40 years of armed insurgency
CW Note
May 2025 | CWA # 1673

Padmashree Anandhan

Ukraine:
The Discussion in Turkiye and the Elusive Ceasefire
CW Note
May 2025 | CWA # 1672

D Suba Chandran

India and Pakistan:
De-escalation and the “New Normal”
CW Note
May 2025 | CWA # 1671

Abhiruchi Chowdhury

US, Ukraine and Russia:
Air attacks amidst a Minerals deal and Ceasefire Proposals
Global Politics Early Bird
May 2025 | CWA # 1670

Fleur Elizabeth Philip

Singapore Elections in 2025:
People’s Action Party (PAP) Wins, Again
TWTW Note
May 2025 | CWA # 1667

R Preetha and Brighty Ann Sarah

East Asia:
Tough Tariff Negotiations with the US
TWTW Note
May 2025 | CWA # 1666

Padmashree Anandhan

The US-Ukraine
The mineral deal with the US
Conflict Weekly
May 2025 | CWA # 1665
Conflict Weekly # 280-81
India-Pakistan De-escalation I Ukraine Discussion in Istanbul I The Battle over Port Sudan I Disbanding of PKK in Turkiye I France-Algeria Diplomatic Tensions
Global Politics Early Bird
May 2025 | CWA # 1663

R Preetha

Canada Elections 2025:
What do the results convey? What next for Mark Carney?
NIAS Global Politics Database
March 2024 | CWA # 1251

NIAS Africa Team

Africa This Week
NIAS Global Politics Database
February 2024 | CWA # 1226

NIAS Africa Team

Africa This Week
The War in Ukraine
October 2023 | CWA # 1091

Annem Naga Bindhu Madhuri

Issues for Europe
IPRI Quarterly Forecasts I Triggers, Trends, and Trajectories
July 2023 | CWA # 1012

Bibhu Prasad Routray

Myanmar continues to burn
2022: The World This Year
December 2022 | CWA # 879

Padmashree Anandhan

The Ukraine War
Europe: Heatwaves, Wildfires, Droughts, and Ice Melt in Alps
November 2022 | CWA # 838

Rishma Banerjee

Tracing Europe's droughts
NIAS Africa Weekly
March 2022 | CWA # 705

NIAS Africa Team

In Focus: Libya
The World This Week: 150th Issue
December 2021 | CWA # 630

GP Team

Europe in 2021
Pakistan Reader
October 2021 | CWA # 588

Abigail Miriam Fernandez

TLP is back again
NIAS Fortnightly on Science, Technology & International Relations
August 2021 | CWA # 528

STIR Team

Space Tourism
Science, Technology and International Relations
September 2019 | CWA # 162

Lakshman Chakravarthy N

5G: A Primer
South Asia Monthly Brief (Nov 2018)
December 2018 | CWA # 71

Mahesh Bhatta

Nepal
South Asia Monthly Brief (Nov 2018)
December 2018 | CWA # 70

Nasima Khatoon

The Maldives
South Asia Monthly Brief (Nov 2018)
December 2018 | CWA # 69

Harini Madhusudan

India
South Asia Monthly Brief (Nov 2018)
December 2018 | CWA # 68

Sourina Bej

Bangladesh
South Asia Monthly Brief (Nov 2018)
December 2018 | CWA # 67

Seetha Lakshmi Dinesh Iyer

Afghanistan