Who is known as the Father of Capitalism for first describing the concept in The Wealth of Nations?

Adam Smith is known as the Father of Capitalism primarily due to his seminal work "The Wealth of Nations," published in 1776. In this foundational text, Smith articulates the principles of free-market economics, competition, and the division of labor. He argues that individuals pursuing their self-interests inadvertently contribute to the overall economic prosperity of society through what he termed the "invisible hand." This concept emphasizes how personal ambition can lead to beneficial outcomes not only for individuals but also for society as a whole, creating a framework that underlies capitalist economies.

Smith's insights have significantly influenced economic thought and policy, showcasing how markets function and the importance of limited government intervention in the economy. His ideas laid the groundwork for modern economic theories and practices, establishing him as a pivotal figure in the development of capitalist ideology.