WORLD HISTORY

Detailed explanation-1: -As the American Revolution began, a Scottish philosopher started his own economic revolution. In 1776, Adam Smith published The Wealth of Nations, probably the most influential book on market economics ever written.

Detailed explanation-2: -Smith believed that economic development was best fostered in an environment of free competition that operated in accordance with universal “natural laws.” Because Smith’s was the most systematic and comprehensive study of economics up until that time, his economic thinking became the basis for classical economics.

Detailed explanation-3: -It is symbolic that Adam Smith’s masterpiece of economic analysis, The Wealth of Nations, was first published in 1776, the same year as the Declaration of Independence.

Detailed explanation-4: -Adam Smith was an 18th-century Scottish philosopher. He is considered the father of modern economics. Smith is most famous for his 1776 book, “The Wealth of Nations.” Smith’s writings were studied by 20th-century philosophers, writers, and economists.