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The Liberal statesman William Ewart Gladstone chaired the meeting of the Political Economy Club to celebrate the centenary of the publication of The Wealth of Nations. [43] The Liberal historian Lord Acton believed that The Wealth of Nations gave a "scientific backbone to liberal sentiment" [44] and that it was the "classic English philosophy ...
The Wealth of Nations was published in 1776 and was an instant success, selling out its first edition in only six months. [44] In 1778, Smith was appointed to a post as commissioner of customs in Scotland and went to live with his mother (who died in 1784) [45] in Panmure House in Edinburgh's Canongate. [46]
Even Adam Smith, the canny Scot whose monumental book, The Wealth of Nations (1776), represents the beginning of modern economics or political economy-even he was so thrilled by the recognition of an order in the economic system that he proclaimed the mystical principle of the "invisible hand": that each individual in pursuing his own selfish ...
Smith, writing The Wealth of Nations in English, spoke of a "previous" accumulation; [8] Karl Marx, writing Das Kapital in German, reprised Smith's expression, by translating it to German as ursprünglich ("original, initial"); Marx's translators, in turn, rendered it into English as primitive. [1]
[1] [2] [3] It provided the ethical, philosophical, economic, and methodological underpinnings to Smith's later works, including The Wealth of Nations (1776), Essays on Philosophical Subjects (1795), and Lectures on Justice, Police, Revenue, and Arms (1763) (first published in 1896).
In a passage of An Inquiry into the Nature and Causes of the Wealth of Nations, Smith discusses the concepts of value in use and value in exchange, and observes how they tend to differ.
In any case the phrase did not originate with Napoleon, or even Barère. It first appears in a non-pejorative sense in The Wealth of Nations (1776) by Smith, who wrote: To found a great empire for the sole purpose of raising up a people of customers may at first sight appear a project fit only for a nation of shopkeepers.
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