Adam Smith, in his treatise, The Wealth of Nations , argued that

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Adam Smith argued that wealth was not just about the accumulation of precious metals, but rather came from the goods and services purchased. He rejected the mercantilist idea that a country's wealth was measured by its stock of gold and silver, and instead advocated for free trade and the division of labor as means of increasing wealth. He did not connect capitalism with military expansion or imperialism.

Adam Smith, in His Treatise, the Wealth of Nations