This lecture explores Adam Smith’s foundational work The Wealth of Nations and its role in shaping modern economic thought. It examines Smith’s views on the division of labor, the invisible hand, the role of self-interest, and the importance of free markets, as well as his critique of mercantilism. The lecture also considers Smith’s nuanced position on the role of the state and the moral-philosophical foundations of his economics. Finally, it reflects on the enduring legacy of Smith’s ideas in the context of contemporary capitalism.