Adam Smith was born the son of the comptroller of customs at Kirkcaldy, Fife, Scotland in 1723, his father dying six months earlier (Lucidcafe, 2000). He studied at Glasgow University, then Oxford before moving on to deliver public lectures (Faber, 1999). In 1751 Smith was made a professor of Logic at Glasgow University, then was promoted to the Chair of Logic, a post held until 1763, which he relinquished to become a tutor to the Duke of Buccleuch in France during 1764-66 (Smith, 2001). Upon return, Smith is elected a Fellow of the Royal Society. In 1776 Smith published the Wealth of Nations; seven years later becoming a founding member of the Royal Society of Edinburgh. On July 17, 1790, Adam Smith dies after an illness.

The Theory of Sentiments, published in 1759, was based on his Glasgow lectures. This work is conc

In 1776, while America was signing the Declaration of Independence, Smith moved to London and authored his world renowned Wealth of Nations, which examines the consequences of economic freedom (Bartleby, 2001). It covered the role of self-interest; the division of labor, the theory being if everyone does what he or she does best, the society as a whole would become more productive; the function of markets; and the international implications of a laissez-faire economy (Landry, 1998). At the time of publishing, there was a strong sentiment for free trade in both Britain and America (Leemhuis, 1997). This had been influenced by economic hardships and poverty caused by war, but Britain stayed set in its way for years. Smith laid the framework of free market that still holds true today.

Laissez-faire government believes commerce and trade should be permitted to operate free of controls of any kind; there should be no tariffs or other barriers. The direct translation from the French language is "leave alone to do", which is self explanatory. A majority of people saw confusion in economic activity in England mid 18th century (Kilcullen, 1996). Everyone was doing as they pleased and deemed necessary. Businesses produced what they wanted to produce and consumers purchased what they wanted to buy. Nobody, including the government, dictated what had to be produced or purchased, yet businesses were providing

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