After two centuries, Adam Smith remains a towering figure in
the history of economic thought. Known primarily for a single work, An Inquiry
into the nature
an causes of the Wealth of Nations (1776) , the first
comprehensive system of political economy, Smith is more properly regarded as a
social philosopher whose
economic writings constitute only the capstone to an
overarching view of political and social evolution. If his masterwork is viewed
in relation to his earlier lectures on
moral philosophy and government, as well as to allusions in
The Theory of Moral Sentiments (1759) to a work he hoped to write on “the
general principles of law and
government, and of the different revolutions they have
undergone in the different ages and periods of society” , then The Wealth of
Nations may be seen not merely as
a treatise on economics but as a partial exposition of a
much larger scheme of historical evolution.