An Inquiry into the Nature and Causes of the Wealth of Nations

by Rod Williams, Aug. 3, 2026- For a long time, I have intended to post a list of "the books that influenced my political thinking," or perhaps, "the dozen (or 15 or 20) books I wish everyone would read." Many I have not read in years, and I wanted to reread them and post a review and commentary.  I will probably never get around to it, so I am taking a shortcut and posting commentaries on works I view as important without rereading them. I am reading summaries and commentary on these great works and reacquainting myself with them. Many I have not read in decades, but they stuck with me as the most important works I ever read. 

In the era of Trump, many conservatives have abandoned the core principles that made them conservative in the first place. I wish they would reacquaint themselves with the ideas, arguments, and books that define conservatism.  One such book is The Wealth of Nations.

In the current era in which Donald Trump has imposed tariffs on the American people and in which the Trump administration is taking an ownership interest in the means of production, and in this era in which many Democrats have a favorable view of socialism and democratic socialism is on the rise in the democratic party, there is no more important work I could recommend than The Wealth of Nations by Adam Smith.

This year marks the 250th anniversary of two texts essential to the founding of America as a credal nation. One is of course, the Declaration of Independence, which is well known, and the other is Adam Smith’s The Wealth of Nations. On this anniversary of our nation's founding, it is fitting to call attention to this important work. 

Adam Smith was not an American, but he was as influential in shaping America’s understanding of liberty, markets, and government as any of the founding fathers. The founders read him closely. His books were widely circulated in the colonies, and his arguments were part of the Enlightenment atmosphere of the times. His ideas influenced how the founders thought about trade, taxation, the dangers of monopoly, and the proper limits of political power. Alexander Hamilton, James Madison, and Thomas Jefferson quoted him and read and discussed his works

From The Wealth of Nations is this famous quote with which you may be familiar and that I think is true for all times: 

It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest. We address ourselves, not to their humanity but to their self-love, and never talk to them of our own necessities but of their advantages. 

The importance of The Wealth of Nations cannot be overstated.  It is the foundation of modern economics and teaches that wealth acquisition is not a zero-sum game. Wealth creation does not depend on protective tariffs, colonial monopolies, and restrictions on trade. He argued these policies hindered growth by limiting markets and stifling productivity. He argued that division of labor increases output, skill, and efficiency. He argued that the economy operates as if controlled by an "invisible hand" and that supply and demand guide resources to their highest and best uses, benefiting society without central planning.  

If you have never read this foundational work, I urge you to do so. It is available on Amazon, or you can read it online for free. For the complete text of The Wealth of Nations, follow this link. 

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