In 1776, an economics book titled -BLANK- was published to promote the concept of free enterprise.
The correct answer and explanation is:
The correct answer is “The Wealth of Nations” by Adam Smith.
In 1776, Adam Smith’s groundbreaking work, The Wealth of Nations, was published, laying the foundation for modern economics and the concept of free enterprise. The book is often regarded as the first comprehensive work to explain the mechanisms of a market economy and to advocate for minimal government intervention in business activities.
Smith’s central argument in The Wealth of Nations was that individuals, when pursuing their own self-interest, unintentionally contribute to the economic welfare of society as a whole. This principle, known as the “invisible hand,” explains how personal choices and competition in a free market lead to the efficient allocation of resources, benefiting everyone. The book also emphasized the importance of specialization and division of labor in increasing productivity.
Smith argued against mercantilism, which was the prevailing economic doctrine at the time. Mercantilism held that national wealth was best increased through strict regulation of trade, accumulation of gold and silver, and heavy tariffs. In contrast, Smith supported free trade, arguing that economies would thrive when goods were exchanged freely without government-imposed restrictions. He believed that if countries allowed their industries to grow through competition and free enterprise, wealth would naturally increase for all.
The ideas in The Wealth of Nations not only influenced economic theory but also shaped the policies of Western economies, especially during the Industrial Revolution. Smith’s advocacy for limited government intervention and his belief in the self-regulating nature of markets continue to be pillars of capitalist economies today. His work remains a critical reference in discussions about economic policy, markets, and the role of government in economic life.