#Adam Smith's influence#.

"The Wealth of Nations," the first great work on political economy, was published in the year 1776.

That was the "psychological moment" for its appearance, as public thought was so prepared for it that it had its maximum possible influence.
The year of the American Declaration of Independence gave the most striking object lesson on the evils of a selfish colonial policy that interfered on a grand scale with economic freedom.

The old customs had become ill fitted to life, ill adapted to the rapid industrial changes that were going on.

What was needed in many directions, both in politics and in industry, was merely negative action by the government, the repeal of the old laws, the overthrow of old abuses.
The French Revolution, following a few years later, emphasized this thought in the political field.