SMITH, Adam (1723-1790). An Inquiry into the Nature and Causes of the Wealth of Nations. London: W. Strahan and T. Cadell, 1776.

First edition of "the first and greatest classic of modern economic thought" (PMM). Smith's Wealth of Nations is the first major expression of the theory of free trade. Exalted equally as a compassionate conservative and sympathetic liberal, the author propounds individual liberty and the accumulation of wealth, while arguing strongly for moral fairness and a duty to society. He describes a system of natural liberty and justice which strives towards improvement in the living standards of the population at large, equating higher wages with a healthier and more productive workforce. He illustrates his belief that the limits to growth are political, not economic, and sets out principles to guide legislators. Smith also provides a history of economic theory, an historical analysis of the wealth of nations, including China, and forecasts for the future. An attractive copy, internally unsophisticated.

Two volumes, quarto (276 x 216mm). With the final blank in volume 1 and with the half-title in volume 2 only, as issued, ads printed on verso of last leaf in volume 2. Cancels: M3 and 2Z3 in vol. 1 (about a dozen leaves with light spotting, marginal tear to vol. 2 3X1 and 4E gathering, a little soiling to final page). Contemporary sprinkled calf ruled in gilt (rebacked, small repairs to corners, some crazing, repairs to old endleaves); custom chemises and slipcase. Provenance: E. Deer (ownership inscription in both volumes) – Paul Butler (bookplates).