'Wealth of Nations' voted best business book of all-time

The FT has released the results of an online poll to find out which is the best business book ever written.

Interestingly, Adam Smith's influential 'The Wealth of Nations" won by a wide margin.

This remarkable book, which is often referred to by economic commentators today, was published back in 1776 during the Scottish Enlightenment - when the concepts of 'free trade' and 'competition' were barely understood.

At a time when government monopolies, subsidies and tariffs were widespread, Smith's work really was revolutionary.

Smith's concept of the 'invisible hand' refers to the ability of market forces to determine the natural value of goods or services in the absence of government intervention. He also believed that it was essential for people to be able to realise the most of their natural talents without interference from outside forces.

Barbarians at the Gate, the 1990 account by Bryan Burrough and John Helyar of the leveraged buy-out of RJR Nabisco came a distant second in the poll. It is worth noting, however, that online voters were only given a choice of 5 titles in the poll!

Andrew Hill, Associate Editor of the FT, said:

”One of the measures of greatness in the broad genre of books on business, economics and finance is that it should stand the test of time. The Wealth of Nations, published more than 200 years ago but still regularly cited, clearly passes that test and is a worthy winner.”

The five books listed in the online poll were selected by wide group of business leaders, academics and policymakers including Sir Stelios Haji-Ioannou (Easyjet) and Laskshmi Mittal (ArcelorMittal).

You can read more about the poll and participate in an online debate at www.ft.com/bookaward.