Smith is best known as the author of the Wealth Of Nations (1776), one of the
most influential books ever written. Wealth of Nations is the book that is
considered to be the “bible of capitalism”. This book is mostly identified as
the first efficient analysis of the economic forces in Europe that developed
capitalism in the eighteenth century and the book in which Smith specify the
structure of the political system.
Adam’s book describes partially the history of European
economics. In his book Smith offers suggestion to accomplish quick economic
development. He specifically explained the reason of the collapse of feudal
Europe and the development of the new world of industry. The Wealth of Nations by Adam Smith frames a
new understanding of economics. He explained the
condition of the economy at the time he wrote the book. Smith writes about his
views against the trading system and gives a description of an economic system
established on social dynamics, needs and human nature. He separates his
‘books’ in 5 different chapters where book one is
focused on the development of the division of labor.
to his readers how the division increases the wealth and money,
gain by other societies by acquiring extra materials and found ways to
deal in trades with the people involved in the society. According
to Smith, the division of labor also affects technological inventions
and improvements. The book starts with “Of the Division of Labor” (Chapter one)
and he gives an example, over a pin factory to let us
understand the effect of the division of labor in manufacturing.