Walpole was appointed First Lord of the Treasury, Chancellor of the Exchequer and Leader of the House of Commons. This made him the de facto Prime Minister and, while the title was not officially recognized at the time, Walpole wielded considerable power and influence.

The publication of “The Wealth of Nations” had a profound impact on economic thought and policy, laying the foundation for classical economics and providing justification for the rise of free-market capitalism.