When 'The Wealth of Nations' was published

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When 'The Wealth of Nations' was published

Published: 09 Mar. 2026, 00:05 Updated: 09 Mar. 2026, 13:56

Audio report: written by reporters, read by AI

Roh Jeong-tae

The author is a writer and senior fellow at the Institute for Social and Economic Research.

On March 9, 1776, Adam Smith published “The Wealth of Nations.” This monumental work appeared in two volumes, yet public interest was immediate. Within six months, the first printing of 3,500 copies had sold out. Readers responded so strongly because the book clarified the most pressing economic, social and political questions facing Britain at the time while also charting a direction for the future, as Smith attempted to explain what truly constituted the wealth of a nation.

A statue of Adam Smith built between1867-1870 is seen at the old headquarters of the University of London. [WIKIPEDIA]

In the book, Smith summarized the idea as follows: The wealth of a country, he argued, is not the gold stored in royal treasuries or the silver accumulated by merchants. It is the annual supply of the necessities and conveniences of life produced by the labor of its people. The yearly income of a society therefore corresponds to the exchange value of the total output generated by its industry.

In modern terms, Smith was describing something close to what economists today call real national income. His argument sharply challenged the dominant thinking of the time. Under mercantilism, many believed that national wealth consisted of gold and silver earned through overseas trade under royal protection. Smith instead insisted that creative and diligent labor was the true source of prosperity. His famous idea of the invisible hand supported that claim. People cannot be forced through coercion to work creatively and productively.

“The Wealth of Nations” is sometimes compared to the U.S.'s “Declaration of Independence” (1776). The two texts appeared in the same year and each suggested a direction for the modern world. Smith defended the expansion of productivity through division of labor and supported free trade as an economic principle. The U.S. document declared that all people are equal and possess basic rights and sovereignty.

Two hundred fifty years have passed since those ideas were articulated. Built on the foundations of liberal democracy and a market economy, humanity has achieved remarkable progress. Yet the present moment often feels unsettling. As Iran’s theocratic dictatorship kills its own citizens and the Trump administration attacks Iran, tensions around the Strait of Hormuz have threatened global stability. At such times it is worth asking again where the ideals of market economy and liberal democracy are heading.

Smith’s question about the source of wealth still echoes in debates over power trade and freedom today. The challenge is whether governments and societies will preserve the conditions that allow labor creativity and exchange to flourish rather than be suppressed by fear, conflict and coercion.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.