Adam Smith’s The Wealth of Nations Turns 250 — Why the Ideas Still Matter for Business

The 250th anniversary of Adam Smith’s landmark economic work The Wealth of Nations is being marked throughout 2026 by the University of Glasgow, with a programme of events designed to revisit the ideas that helped shape modern economic thinking.

First published in 1776, Smith’s book laid the foundations for how economists, policymakers and businesses understand markets, trade and prosperity. Smith developed many of the ideas behind the work while serving as a professor at the University of Glasgow, where his thinking on free markets, productivity and economic behaviour began to take shape.

To mark the anniversary, the university is hosting a series of events in Scotland and around the world aimed at exploring the continuing relevance of Smith’s work in the modern economy.

Revisiting the Foundations of Modern Economics

The 2026 programme will focus on three themes drawn from Smith’s work: the nature of wealth, the causes of wealth and the politics of wealth. Through conferences, exhibitions and public discussions, scholars and experts in business ethics, political economy and philosophy will examine how Smith’s ideas relate to contemporary economic challenges.

A key aim is to encourage discussion about how insights from the 18th century might still help address issues such as economic development, global trade and inequality.

Events will also examine the historical context in which Smith wrote, including the links between economics, empire, colonialism and slavery, and how these historical forces continue to shape societies today.

Alongside academic discussion, the programme includes several public-facing activities designed to bring Smith’s world to life. These include walking tours of Glasgow during Smith’s lifetime, an exhibition drawn from university archives and city collections, and an interactive online map game exploring the global landscape of 1776.

Global Conversations About Prosperity

One of the major highlights will be an international conference in October titled “Wealth of Nations at 250: Understanding Prosperity and Development in the Modern World.”

The event will explore why some nations prosper while others remain poor. Economists and policy experts will examine the factors that shape economic success, including geography, agriculture, institutions, culture and human behaviour.

The conference forms part of a wider academic project that includes a forthcoming book published by Cambridge University Press and edited by University of Glasgow economist Professor Alex Trew.

Inspiring Future Economists

The anniversary programme also aims to engage younger audiences. School outreach activities will introduce students to the study of economics and encourage them to consider university education, while a student competition will invite entrants to redesign the front cover of The Wealth of Nations.

For businesses and entrepreneurs, Smith’s ideas remain highly influential. Concepts such as market competition, productivity and the division of labour continue to underpin much of today’s economic thinking.

Two and a half centuries after its publication, The Wealth of Nations remains a reminder that many of the questions businesses and policymakers face today, about growth, fairness and prosperity, are far from new.

https://www.gla.ac.uk

Professor Wendy Loretto appointed Head of Adam Smith Business School

Professor Wendy Loretto has been appointed as the new Head and Dean of the prestigious Adam Smith Business School at the University of Glasgow, marking a significant leadership appointment for one of the UK’s leading triple-accredited business schools.

Professor Loretto joins from the University of Edinburgh Business School, where she was Professor of Organisational Behaviour and former Dean. 

She will take up her new role at the Adam Smith Business School on 20 April.

Professor Loretto told That's Business: “It’s an honour and privilege to be taking on this role. 

"While we are all aware of the current challenging environment for Higher Education, I welcome the ambition and energy of Adam Smith Business School, and am excited to enhance its global visibility and recognition and to help realise the full potential of the collective talent of colleagues within it.”

An internationally recognised scholar in the field of work and ageing, Professor Loretto’s research focuses on age and employment, particularly the experiences of mid-to-later life workers across Europe. Her work explores how gender, age and health intersect to shape work and retirement outcomes. 

Her research is widely published in leading academic journals and is known for its strong emphasis on real-world impact. She is currently developing AI-led solutions to support healthy ageing in the workplace.

Professor Sara Carter, Vice-Principal and Head of the College of Social Sciences, told us: “We are very much looking forward to Professor Wendy Loretto joining us as Head of our acclaimed Adam Smith Business School. 

"Professor Loretto brings a wealth of experience to the role, and we are confident that she will play an instrumental role in building the School’s global reputation and rankings.”

Professor Loretto brings extensive senior leadership experience, having previously served as Deputy Dean, Director of Research, REF Director and Director of Undergraduate Programmes. She is Chair of the Association of MBAs (AMBA) and the Business Graduates Association (BGA) and serves on multiple international boards and advisory committees.

Named after pioneering economist Adam Smith, the Adam Smith Business School holds the prestigious “triple crown” of accreditation from AACSB International, European Quality Improvement System (EQUIS) and AMBA, placing it among an elite group of business schools worldwide.