Adam Smith's The Wealth of Nations is one of history's most revolutionary works on economics, with basic principles that remain applicable to today's business world. Smith wrote it in an effort to transform the way Europeans made and sold products and promoted the concept of the free market. The book was a catalyst for change, rapidly spreading around the world new and revolutionary ways to improve Europe's financial systems and make them more productive. He promoted the concept of specialization in products that benefit a country's resources and skills. This period, known as the Industrial and Agricultural Revolution, was characterized by an economy that had both positive and negative aspects. The Industrial Revolution brought some positive aspects, such as longer life expectancy and new technologies. This also led to some changes that Smith had not foreseen, such as the rise of the bourgeoisie as the leading power, extremely poor living conditions for the working class, and horrible working conditions for women and children. , the industrial revolution began to take shape. Smith's idea of ​​the assembly line led to the creation of factories, that is, real buildings used exclusively for the production function. This replaced the use of homes as a place of work, allowing homes to serve solely as family living quarters. At the time of the Industrial Revolution, the only way to power these factories was water power or burning coal. Because energy sources were so limited, mills were only built in rural areas to be close to energy sources, such as rivers or coal mines (Engels: Industrial Manchester, 1). What did this bring? Factories and m......middle of paper......isie and the creation of monopolies. Unlike the aristocrats, who seemed to work together to ensure that everyone had wealth, the bourgeoisie competed fiercely with each other. Employers, as stated earlier, gave workers almost no wages. They realized that lowering prices by lowering wages was the best way to compete with each other. They also began to incorporate the idea of ​​monopolies, which put all new or small entrepreneurs out of work and made entrepreneurship very difficult. Overall, Smith could not have predicted the many effects that occurred after the publication of The Wealth of Nations. He focused primarily on how factory producers would be “destined to supply the great needs of the great mass of the population.” The good of his work truly outweighs the harmful effects of the revolution. Works Cited Adam Smith, The Wealth of Nations