On March 9th 1776, Adam Smith officially published his Inquiry into the Wealth of Nations, or The Wealth of Nations for short. In this work, he examined how a nation’s wealth increased, decreased and behaved according to various social and political events and decisions. It is then that he first defined the term invisible hand from an economic point of view. Along with it he introduced the notion of a free market and supported the idea of having a free market. Almost 250 years on, does this notion of free market apply in today’s world?
