The book that built the modern economy
Business Daily
BBC
4.4 • 816 Ratings
🗓️ 9 March 2026
⏱️ 18 minutes
🧾️ Download transcript
Summary
250 years ago, on the 9th of March 1776, a book was published that didn’t just explain the economy, it changed it. The Wealth of Nations, written by "the father of economics" Adam Smith, sparked debates that still rage today, shaping everything from global trade to how much you earn.
Rob Young looks at an original copy from 1776, assesses Smith's importance, and speak to economists about the state of Adam Smith's free market today.
If you'd like to get in touch with the team, our email address is businessdaily@bbc.co.uk
Presenter: Rob Young Producer: David Cann
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(Picture: A first edition of The Wealth of Nations, in two leather bound volumes, with gold lettering on the spine.)
Transcript
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| 0:00.0 | BBC Sounds, Music, Radio, Podcasts. |
| 0:06.1 | Hello and welcome to Business Daily from the BBC. I'm Rob Young. |
| 0:11.1 | Today, we're marking the 250th anniversary of a book that didn't just explain the economy. |
| 0:17.9 | It changed it. |
| 0:19.2 | I think his ideas are radical for that time. And I think he was |
| 0:23.5 | conscious of that as well. I mean, he called the book a very violent attack on the whole commercial |
| 0:28.7 | system of Britain. Adam Smith's The Wealth of Nations sparked debate that still rage today, |
| 0:34.9 | shaping everything from global trade to how much you earn. |
| 0:38.9 | This idea that the economy and the market just needs to operate without intervention |
| 0:44.5 | is going to deliver an optimal outcome. It's not what we've seen. |
| 0:48.9 | That's all on Business Daily from the BBC. |
| 0:55.1 | 1776 was a year of upheaval. |
| 0:58.1 | The United States declared independence, the Industrial Revolution stirred, |
| 1:03.2 | and in Scotland an economist Adam Smith, published an inquiry into the nature and causes |
| 1:09.1 | of the wealth of nations, |
| 1:15.0 | an instant bestseller that changed how we understand prosperity. |
| 1:20.3 | And some of the original editions still exist, carefully locked away. |
| 1:36.9 | And just being placed on a cushion very carefully is a first edition of an inquiry into the nature and causes of the wealth of nations. |
| 1:41.7 | And with me is Dr Karen Atar, who looks after the rare books here at the University of London. |
| 1:43.1 | I do, yes. |
| 1:45.2 | One of the few people who get to pick up this first edition, I suspect. Yes. You're not going to let me touch it, are you? |
| 1:51.0 | I'd rather you didn't, but I'll be very happy to turn pages for you. That's very kind, thank you. |
... |
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