We are excited to partner with Liberty Matters in commemorating the 250th anniversary of the publication of An Inquiry into the Nature and Causes of the Wealth of Nations through a collection of six thought-provoking essays.
In the third installment, Dennis C. Rasmussen delves into Book III of Wealth of Nations, where Adam Smith narrates the journey of economic and political evolution, illustrating how commercial societies liberate their citizens from the shackles of dependence and conflict. Here’s an excerpt from the article:
If I had to pinpoint the most pivotal passage in Adam Smith’s extensive body of work, I would argue that it lies within the powerful assertion found in Book III of The Wealth of Nations: “commerce and manufactures gradually introduced order and good government, and with them, the liberty and security of individuals, among the inhabitants of the country, who had before lived almost in a continual state of war with their neighbours, and of servile dependency on their superiors. This, though it has been the least observed, is by far the most important of all their effects” (WN III.iv.4). Smith, widely recognized as a champion of commercial society, articulates here the essence of its benefits: the enhancement of liberty and security stands as the paramount outcome of commerce. To fully grasp how commerce fosters such freedoms and why this is crucial from Smith’s perspective, it is essential to step back and appreciate the broader narrative woven throughout Book III.
