Final answer:
Adam Smith wrote 'The Wealth of Nations' in 1776, laying the foundation for economic liberalism with his promotion of free-market and minimal government intervention in the economy.
Step-by-step explanation:
The Wealth of Nations was written by Adam Smith, a Scottish economist and philosopher. This seminal work was published in the year 1776, and it espouses the philosophy of economic liberalism. Smith's book was groundbreaking as it was the first comprehensive study of economics and introduced the concept of the invisible hand, signifying the self-regulating nature of the market. He argued for a laissez-faire economic system with minimal government intervention, positing that free competition would lead to the most efficient allocation of resources and ultimately the prosperity and well-being of the society.
Smith's book is a foundational text for classical liberalism and industrial capitalism as it promotes the idea that individuals should be free to pursue their own economic interests, which in turn benefits society as a whole. His ideas on the division and specialization of labor, the benefits of a free market, and the idea of mutual self-interest have had a lasting influence on the field of economics.