The Wealth of Nations: Books 1-3 (Penguin Classics)

Get ready for a long haul on this read. Definitely not for the faint of heart!

If you're wondering which Wealth of Nations to purchase, get the Bantam paperback. This is Smith's complete and unabridged final version of the Wealth of Nations. It provides footnotes on Smith's wording, the historical context, and the differences between Smith's 5th edition and previous editions. In addition, the margin of the pages contain useful notes which summarize Smith's writing. For the price, this is clearly the superior choice. Now, if you're wondering whether you should undertake such an endeavor, let me just say that Adam Smith was a professor of rhetoric. He explains everything so precisely, yet so comprehensible. Smith's writing is by no means difficult; I actually found it a surprisingly easy read given its antique nature. Once you get through the first chapter, you get quite used to Smith's writing style. If you put adequate time and energy into it, it's not hard at all.

A classic... mandatory but pleasant reading if you are into Economics... not boring despite the size. Read with a pencil handy to highlight the too many good quotes. Get the Bantam Classics edition--cheap, small and unabridged (doesn't get much better than this). Mind boggling how good Adam Smith is.

Just as some editions of The Wealth of Nations should be avoided because of undisclosed abridgement (see reviewers below), other editions ought to be sought out and preferred. Look for versions involving Edwin Cannan as editor. These include the University of Chicago edition (1976) in paperback and the Modern Library edition (1994) in hardcover. (To my knowledge, neither of these editions is abridged.) In 1904, Cannan, a professor at the London School of Economics, did two things that greatly add to the value of Smith's book. First, Cannan prepared a detailed index. For example, "invisible hand" appears in it. Just try to find the one (and only one) appearance of that phrase without an index. Most of the non-Cannan editions I've looked at lack an index. Second, Cannan wrote and added brief marginalia. His words facilitate skimming, something most readers of this thousand page book are apt to do. His words and phrases are also easily ignored. They don't get in your way once you've found the pages you want to read. (Reviewer T. Grimes comments on the marginalia as well.) Finally, reading The Wealth of Nations shows Smith to be different from his usual portrayal. He can be wickedly satirical. Anyone who has been to college will recognize much that is familiar in his thoughts (in Book V) on "Education of Youth". And he also frankly addresses the downsides of capitalism. The book begins with the division of labor as a powerful means of adding productivity. But later (pp. 839-41 in my Modern Library edition), he recognizes the destructive effects of division of labor and, in response, recommends government investment in public education. As one who once earned a good living as a computer programmer, and who is now retraining, I am finding perennial relevance in The Wealth of Nations.

This book has an abundance of profound observations of both praise and constructive criticism of the American political system, delivered in a richly eloquent and distinctly objective manner by a young Nineteenth Century French aristocrat/lawyer with a very impressive grasp of enduring political reality. The heart of Tocqueville's message is twofold: (1) his praise of Americans' voluntary associations as prime examples of what results from individuals pursuing enlightened self-interest, and (2) his warning that American democracy has the potential to devolve into pervasive majoritarian tyranny by an all-powerful central government covering the surface of society with a network of small complicated rules and treating citizens like children or timid and industrious animals, in perpetuity. In other words, he accurately predicted the out-of-control bureaucracy and rule by opinion poll which is now inflicting its hypnotic popular tyranny upon us. END