Who wrote 'The Wealth of Nations', which is considered a precursor to modern capitalism?

'The Wealth of Nations' was written by Adam Smith and published in 1776. This work lays the foundation for modern economic theory and is often regarded as a cornerstone of capitalist thought. In it, Smith introduces key concepts such as the division of labor, the function of markets, and the idea of the 'invisible hand' guiding economic activity and individual self-interest toward beneficial outcomes for society as a whole.

Smith’s arguments significantly influenced the direction of economic philosophy and policy, promoting the idea that free markets lead to economic prosperity. His analysis of how free competition in the marketplace can lead to innovation and efficiency has had a lasting impact on how economies are understood and structured today.

In contrast, the other figures mentioned—David Hume, John Maynard Keynes, and Friedrich Hayek—contributed to economic thought but did not write this particular work. Hume was more focused on philosophy and skepticism about commerce, Keynes is known for his critiques of classical economics during the Great Depression, and Hayek advocated for free-market capitalism but published his significant works later, in the 20th century.