The Wealth of Nations is the outpouring not only of a great mind,
but of a whole epoch. Adam Smith laid the foundation of the laissez
faire philosophy by criticizing governmental regulation of trade,
commerce and economic activity. The subject matter is divided into
five books. Book I deals with the concept of 'division of labour'
and its impact on the productivity of labour. Adam Smith divides
the society into three social classes: capitalists owning capital;
landlords owning land and obtaining their income as rent on land;
and workers getting their income as wages from selling their labour
in the market.
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