The Wealth of Nations

This foundational summary explores the mechanisms of economic prosperity through the lens of the division of labour, which significantly enhances productive capacity. The author examines how the interchange of goods led to the necessity of money and the establishment of market values based on labour costs. Central to the work is an analysis of capital accumulation, the various employments of stock, and how different sectors like agriculture and manufacturing contribute to a nation's wealth. It critiques the mercantile system and government-imposed monopolies, advocating instead for a more natural progress of opulence driven by private interest and frugality. Finally, the text addresses the role of the sovereign, detailing necessary public expenses such as defense, justice, and education, alongside the complexities of taxation and public debt.