The Wealth of Nations: Books IV-V

The classic economic treatise that inspired Thomas Piketty's Capital in the Twenty-First Century.

With this landmark treatise on political economy, Adam Smith paved the way for modern capitalism, arguing that a truly free market - fired by competition yet guided as if by an 'invisible hand' to ensure justice and equality - was the engine of a fair and productive society. In Books IV-V, Smith offers his considered response to the French Physiocrats and assesses the nature of the mercantile system.