Book III considers Great Britain in the context of the the social evolution of
society in general, which begins, according to Smith, with hunting and
gathering societies and progresses through agricultural stages to arrive at a
state of international commerce. According to Smith, the fall of Rome and the
rise of feudalism retarded this progression by creating a system of decreased
efficiency.
An important theme that persists throughout the work is the idea that the
economic system is automatic, and, when left with substantial freedom, able
to regulate itself. This is often referred to as the invisible hand. The ability
to self-regulate and to ensure maximum efficiency, however, is threatened
by monopolies, tax preferences, lobbying groups, and other privileges
extended to certain members of the economy at the expense of others.
Finally, in the last book of The Wealth of Nations, Smith describes what he
considers to be the appropriate roles of government, namely defense,
justice, the creation and maintenance of public works that contribute to
commerce, education, the maintenance of the dignity of the sovereign,
activities that are to be financed by fair and clear taxation.