Adam Smith
Adam Smith was a great Scottish philosopher and economist best known for The Wealth of Nations, his pioneering book on free trade and market economics. Smith was born in Kirkcaldy, Fife. The exact date of his birth is unknown, however he was baptized at Kirkcaldy on June 5, 1723. Unfortunately Smith's father died approximately six months before his baptism occurred. At the age of fifteen, Smith enrolled in Glasgow University. There he studied moral philosophy under Francis Hutcheson. In 1740 he entered Balliol college, Oxford where continued his studies until 1746. In 1751 Smith was appointed Professor of Logic at Glasgow University, transferring in 1752 to the chair of moral philosophy. While working there Smith wrote his Theory of Moral Sentiments. This work, which established Smith's reputation in his own day, is concerned with the explanation of moral approval and disapproval in which he based his explanation on sympathy. During this time, Smith's ideas on political economy began to develop, and he gave less attention in his lectures to his theories of morals and more to the political economy. At the end of 1763 Smith obtained a job as tutor to the young duke of Buccl
The Wealth of Nations has become so influential since it did so much to create the subject of political economy. In the western world, it is the most influential book on the subject ever published. When the book, which has become a classic manifesto against mercantilism, appeared in 1776, there was a strong sentiment for free trade in both Britain and America. This new feeling had arisen from the economic hardships and poverty caused by the war. However, at the time of publication, not everybody was convinced of the advantages of free trade right away: the British public and Parliament still clung to mercantilism for many years to come. However, controversial views have been expressed as to the extent of Smith's originality in The Wealth of Nations. Smith has been blamed for relying too much on the ideas of great thinkers such as David Hume and Montesquieu. Nevertheless, The Wealth of Nations was the first and remains the most important book on the subject of political economy until this present day. In 1778, Smith was appointed commissioner of customs in Scotland and went to live with his mother in Edinburgh. Shortly before his death Smith had nearly all his manuscripts destr
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Approximate Pages = 3 (250 words per page double spaced)
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