Final answer:
Adam Smith, a Scottish economist, wrote The Wealth of Nations in 1776, a seminal work in economic philosophy establishing the foundations of capitalism and the free market with the concept of the 'invisible hand'.
Step-by-step explanation:
The great economist who wrote The Wealth of Nations in 1776 was none other than the Scottish thinker Adam Smith. Smith's work is considered foundational in modern economic thought, crafting a comprehensive philosophical examination of the proper management of a nation's economy. His ideas on capitalism, such as the significance of the division of labor, productivity, and the concept of the 'invisible hand' guiding the free market, were revolutionary.
Through The Wealth of Nations, Adam Smith introduced the idea that the free market operates on mutual self-interest, which enables the balance of supply and demand with minimal government interference. He is known as 'The Father of Capitalism' for advocating laissez-faire policies, which have influenced economic reforms and liberalism as the prevailing economic practice. His work was cited by prominent leaders like Thomas Jefferson and influenced government policies towards economic deregulation and free trade.