by Gary Alexander
March 3, 2026
In the first quarter of 1776, we saw three world-changing books (the first was more of a pamphlet) which changed the world, with the third-book planting the seeds that helped both Britain and America “win” the long War of Independence which encompassed 40-years of conflict, culminating in the War of 1812.
These three-books all published in the first-quarter of 1776 (actually, the first 10-weeks of 1776) were:
- “Common Sense,” by “an Englishman” (a new colonist, Thomas Paine), 47-pages, published January 10, 1776.
- “The Decline and Fall of the Roman Empire, Vol. I,” by Edward Gibbon (595-pages, February 17, 1776)
- “In Inquiry into the Wealth of Nations” by Adam Smith (over 1,000-pages in most editions), March 9, 1776.
The first book was political, the second historical, the third economic. Add in the short (single-sheet broadside) “Declaration of Independence” in July and you have two-thin slices of American political bread wrapped around generous portions of English roast beef. (This “sandwich” metaphor is particularly relevant since the “Earl of Sandwich” was the head of Britain’s Royal Navy during the Revolution).
Historian H.W. Brands, in his book, “Masters of Enterprise,” says the two proclamations of U.S. political independence defined our nation’s birth while Adam Smith’s Wealth of Nations laid out the blueprint for our great success. Brands identifies a perpetual war between the political leveling mechanism of a democracy versus the excesses of our best entrepreneurs, who create new inventions and businesses to help some reach greater wealth while millions of others benefit later on from their inventions and wealth.
In other words, we often credit (or blame) our 40+ presidents and their alleged influence on the economy while ignoring or undervaluing the 40+ top inventors and business creators who made most of that growth happen. In his book, Brand profiles 25-business leaders, starting with German-born John Jacob Astor (1763-1848), first selling flutes, then furs, then real estate, and Cornelius Vanderbilt (1794-1877) – in shipping and rails – ending with technology-giants Andy Grove and Bill Gates, marketing computer hardware, chips and software, which made them filthy rich while helping most Americans enjoy a better life.
Graphs are for illustrative and discussion purposes only. Please read important disclosures at the end of this commentary.
I’m currently mid-way into the long, turgid writings of the British historian Gibbon and the Scots moral philosopher and economist Adam Smith, on the 250th anniversary of their two major works. Although each could benefit from a friendly editor – Smith spent 47-pages dissecting the history of silver’s price in England over a 500-year period – such tutorials create value when Smith summarizes the beneficial drop in prices and rise in quality in the top technology sectors of his day. In one segment (after the long silver aside), he says a watch of finer precision and craftsmanship cost 20-shillings (one-pound) then, while an inferior (and larger) watch cost 20-pounds a century ago, a 95% price drop, bringing watches to millions.
“A better movement of a watch, that about the middle of the last century could have been bought for twenty-pounds, may now perhaps be had for twenty-shillings.”
-Adam Smith, The Wealth of Nations.
Gibbons’ book is also a surprising delight. Volume I (the only volume produced in 1776) spends the first 100+ pages describing an ideal state: In the second century, Rome enjoyed 80+ years of the Antonine Caesars from 97 to 180 CE: Trajan, Hadrian, Antoninus Pius, and the Stoic philosopher Marcus Aurelius. Rome only started to go into the commode with Marcus’ successor, the aptly named Commodus.
Bear in mind: This golden age in Rome happened a century after despots like Caligula (ruling 37-41 CE) and Nero (54-68). This tells us the worst rulers may be in charge for a decade, but that does not mean the nation’s decline is imminent. There can be a healthy renaissance following such disastrous leaders.
“The prosperous state of the empire was warmly felt, and honestly confessed, by the provincials as well as Romans. They celebrate the increasing splendor of the cities, the beautiful face of the country, cultivated and adorned like an immense garden; and the long festival of peace, which was enjoyed by so many nations, forgetful of the ancient animosities, delivered from the apprehension of future danger.”
–From Gibbons’ Decline and Fall, Vol. I, Chapter II, “Internal Prosperity in the Age of the Antonines”
My compatriot here, Jason Bodner, often quotes Marcus Aurelius, the enlightened Stoic emperor. Here are some of his sample quotes, which could double as great investment advice, or simply how to succeed:
Sample Marcus Aurelius Quotes:
- On Actions: “Waste no more time arguing what a good man should be. Be one.”
- On Adversity: “The impediment to action advances action. What stands in the way becomes the way.”
- On Actions reflecting character: “If it is not right, do not do it; if it is not true, do not say it.”
- On Death: “Think of yourself as dead. You have lived your life. Now, take what’s left and live it properly.”
- On the News: “Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth.”
- More News: “You have power over your mind — not outside events. Realize this, and you will find strength.”
Here’s a capsule of the Antonine era’s rulers…all winners until Commodus, from 95 to 195 CE (essentially the red-line represents the primary ruler, the blue-line the waiting in line for power):
Graphs are for illustrative and discussion purposes only. Please read important disclosures at the end of this commentary.
The two-century Pax Romana ended in 180 CE – and that’s when Rome’s decline and fall properly began.
This long stretch of noble Roman rulers – centuries before Rome fell – seems to earn a better title for Volume I: “On the rise, peak and decline of the Roman Empire.” Any warning of Rome’s fall in the first-century was premature, which ties in with a famous Adam Smith quote a year after his book came out:
“There is a great deal of ruin in a nation” – Adam Smith, in a 1777 letter.
After American forces surprisingly won the Battle of Saratoga in 1777, bringing the French onto the U.S. team, a young man wrote a letter to Smith bemoaning this as a signal the British Empire would soon die.
Smith responded in a classic line, “There is a great deal of ruin in a nation,” implying it will take a lot more than some colonial rebels to bring the sceptered Isle to its knees. Sure enough, British power grew over the next century, primarily under Queen Victoria, and Britain created a rising middle-class at home.
In the same sense, a modern reading of “Common Sense” and Jefferson’s “Declaration” sound somewhat hollow in their core statements about the evils of royalty (Paine) or King George in particular (the middle listing of all the King’s faults). In a modern review of George III’s long reign show him no worse, and in some ways somewhat better, than his murderous warmongering grandfather and predecessor, George II. King George wasn’t “made,” at least not in the war-years. As for Thomas Paine’s screed against royalty, it’s humbling (to those wishing all kings dead) to see America rely on troops authorized by the kings of France, Spain and other European monarchies to squirm out of their underdog position in the late 1770s.
Some More Recommended Books
While I certainly recommend reading Adam Smith, Thomas Paine and Edward Gibbon in the original, I have consulted well over a dozen books for this article, including six-wonderful economic history books by H.W. Brands, six by U.S. Revolutionary era historian Gordon Wood, a Revolutionary novel series by Jeff Shaara, two-masterful war sagas by Rick Atkinson and a fine 1776 survey by David McCullough.
I have not yet begun assembling my top 10-books for 2026, but I don’t think Jeremy Grantham’s “Making of a Perma-Bear” published January 13, will make the list. He consistently underrates our resilience. I’m reading a better book now, published last week, John O. McGinnis, on “Why Democracy Needs the Rich.” There are several reasons to honor the rich, as Adam Smith says innovative products cost a lot of money to build prototypes. Only the rich customers can afford to buy these products and return the cost of development, but eventually all of us benefit. We see that in every technological advance in U.S. history.
This new McGinnis book offers détente between the 1776 warring documents: Democracy vs. Wealth – the Common Sense-Declaration political path versus Adam Smith’s road toward greater overall wealth.
I’d love to recommend 15 or 20 more books here, but to choose only three, I’d start here:
Rick Atkinson’s latest Revolutionary War opus, “Fate of the Day” deserves a spot on this list since it superbly dramatizes the fact that America had no business, literally no chance, of winning freedom in the years 1777-79, but a series of seeming miracles made it come out right for us later, in Yorktown harbor.
Happy reading, Happy 250th Birthday to America and – more importantly – to our 1776 founding ideals.
All content above represents the opinion of Gary Alexander of Navellier & Associates, Inc.
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A Look Ahead by Louis Navellier
The U.S. Remains the World’s Primary Economic Oasis
Income Mail by Bryan Perry
High Yield Investments Benefit from This Market Reset
Growth Mail by Gary Alexander
The Seeds of Growth Were Planted 250-Years Ago…
Global Mail by Ivan Martchev
The Iran War Begins, But Where Will It End?
Sector Spotlight by Jason Bodner
A Long-Term Perspective Makes Investing Success Likelier
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About The Author
Gary Alexander
SENIOR EDITOR
Gary Alexander has been Senior Writer at Navellier since 2009. He edits Navellier’s weekly Marketmail and writes a weekly Growth Mail column, in which he uses market history to support the case for growth stocks. For the previous 20-years before joining Navellier, he was Senior Executive Editor at InvestorPlace Media (formerly Phillips Publishing), where he worked with several leading investment analysts, including Louis Navellier (since 1997), helping launch Louis Navellier’s Blue Chip Growth and Global Growth newsletters.
Prior to that, Gary edited Wealth Magazine and Gold Newsletter and wrote various investment research reports for Jefferson Financial in New Orleans in the 1980s. He began his financial newsletter career with KCI Communications in 1980, where he served as consulting editor for Personal Finance newsletter while serving as general manager of KCI’s Alexandria House book division. Before that, he covered the economics beat for news magazines. All content of “Growth Mail” represents the opinion of Gary Alexander
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