Two and a half centuries after its publication, The Wealth of Nations remains a useful lens for understanding the forces driving deglobalization, technological upheaval, and widening inequality. Far from championing unfettered capitalism, Smith would recognize markets’ limits and the need for oversight.
LONDON – This year marks the 250th anniversary of two seminal texts: the US Declaration of Independence and Adam Smith’s The Wealth of Nations. One made popular sovereignty the basis of political liberty; the other helped make markets the central organizing force of modern society. Amid accelerating deglobalization, escalating climate change, the rise of AI, and growing government intervention, it is worth revisiting Smith and asking what he would make of the forces reshaping the world economy.
