Introduction by Robert Reich
Commentary by R. H. Campbell and A. S. Skinner
Adam Smith's masterpiece, first published in 1776, is the foundation of modern economic thought and remains the single most important account of the rise of, and the principles behind, modern capitalism. Written in clear and incisive prose, "The Wealth of Nations" articulates the concepts indispensable to an understanding of contemporary society; and Robert Reich's Introduction both clarifies Smith's analyses and illuminates his overall relevance to the world in which we live. As Reich writes, "Smith's mind ranged over issues as fresh and topical today as they were in the late eighteenth century--jobs, wages, politics, government, trade, education, business, and ethics."
Includes a Modern Library Reading Group Guide
About the Author
Adam Smith was born in a small village in Kirkcaldy, Scotland in 1723. He entered the University of Glasgow at age fourteen, and later attended Balliol College at Oxford. After lecturing for a period, he held several teaching positions at Glasgow University. His greatest achievement was writing The Wealth of Nations (1776), a five-book series that sought to expose the true causes of prosperity, and installed him as the father of contemporary economic thought. He died in Edinburgh on July 19, 1790.
Robert B. Reich is Chancellor's Professor of Public Policy at the Richard and Rhoda Goldman School of Public Policy at the University of California, Berkeley. He has served in three national administrations, most recently as secretary of labor under President Bill Clinton, and he served as an adviser to President-elect Barack Obama. He has written twelve books, including The Work of Nations (which has been translated into twenty-two languages), Supercapitalism, and the bestsellers The Next American Frontier, The Future of Success, Locked in the Cabinet, and, most recently, Aftershock: The Next Economy and America's Future. His articles have appeared in The New Yorker, The Atlantic, The New York Times, the Financial Times, The Washington Post, and The Wall Street Journal. He is co-founding editor of The American Prospect magazine and chairman of Common Cause. His bi-weekly commentaries on public radio's Marketplace are heard by nearly five million people. In 2003, Reich was awarded the prestigious Vaclav Havel Foundation Prize for pioneering work in economic and social thought. In 2008, Time magazine named him one of the ten most successful cabinet secretaries of the twentieth century, and The Wall Street Journal named him one of the nation's ten most influential business thought-leaders.
"Adam Smith's enormous authority resides, in the end, in the same property that we discover in Marx: not in any ideology, but in an effort to see to the bottom of things."
--Robert L. Heilbroner