Adam Smith was born in 1723 in Kirkcaldy, Fife, Scotland, fatherless. The exact date of his birth is unknown. Smith was baptized June 5, 1723. At the age of fifteen, he began his schooling at Glasgow and Oxford. In 1751, after he finished school, he was offered a job at Glasgow University where he became the new Professor of Logic. There he lectured on ethics, rhetoric, jurisprudence and the political economy.

Just eight years after his teaching career began; he published his work The Theory of Moral Sentiments. This showed that he could write, and he established himself in the world. In 1776, An Inquiry into the Nature and Causes of the Wealth of Nations was published. Instantly the book was a success. It had a dramatic effect on how people thought. Even though it took him ten years to write, he became a very rich man from it. After he finished traveling Europe, he went to Edinburgh to live with his mother and died on July 17, 1790 from a painful illness.

Laissez faire is a French term meaning, "allow to do" or as some say, "leave alone."

Every individual necessarily labors to render the annual revenue of the society as great as he can. He generally indeed neither intends to promote the public interest, nor knows how much he is promoting it. He intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part his intention. By pursuing his own interest he frequently promotes that of the society more efficiently than when he really intends to promote it. "I have never known much good done by those who affected to trade for the public good" (Smith quoted. in The Wealth of Nations, vol. II).

Smith had many strong beliefs and he was able to share them with the world through his books. He thought that if the government did not intervene in the market, then the problems that they had would fix themselves. Setting prices, trade restrictions, minimum wage laws and product regulations were all seen as too much intervention by the government. He figured that competition would set the proper pricing. Most capitalists agreed with Smith on this, because that meant they had more freedom in t

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