Best Business Books: Thomas Donaldson's Picks
The Wealth of Nations
Widely considered the father of capitalism, Smith was the first to make a scientific argument defending the principles of political economy and the value of self-interest.
Why it's a must-read: "Smith shows how regrettable and inevitable self-interest–the "invisible hand"–can, in the right context, be directed to the common good. Even more important, forgotten by even greats like Milton Friedman, is the fact that Smith never forgot that this remarkable system does not work well without the moral cooperation of its participants. If you look at troubles in economies like Russia today, where corruption is playing such a negative role, Adam Smith foresaw that and believed that we all as economic citizens have the responsibility to maintain the integrity of the system. Until Smith, you could be as rich as you wanted and not be respected. He made being a businessman respectable."
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