Adam Smith

Adam Smith, FRS (Baptised June 5, 1723 – July 17, 1790) was a Scottish political economist and moral philosopher. His Inquiry into the Nature and Causes of the Wealth of Nations was one of the earliest attempts to study the historical development of industry and commerce in Europe. That work helped to create the modern academic discipline of economics and provided one of the best-known intellectual rationales for free trade and capitalism.

Influence

The Wealth of Nations, and to a lesser extent The Theory of Moral Sentiments, have become the starting point for any defence or critique of forms of capitalism, most influentially in the writings of Marx and Humanist economists. Because capitalism is so often associated with unbridled selfishness, there is a recent movement to emphasize the moral philosophy of Smith, with its focus on sympathy with one's fellows.

Related Topics:
The Wealth of Nations - The Theory of Moral Sentiments - Capitalism - Marx - Humanist economists - Selfishness - Sympathy

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There has been some controversy over the extent of Smith's originality in The Wealth of Nations; some argue that the work added modestly to the already established ideas of thinkers such as David Hume and the Baron de Montesquieu. Indeed, many of the theories Smith sets out simply describe historical trends away from mercantilism, towards free-trade, that had been developing for many decades, and had already had significant influence on governmental policy. Nevertheless, it organizes their ideas comprehensively, and remains one of the most influential and important books in the field today.

Related Topics:
The Wealth of Nations - David Hume - Baron de Montesquieu - Mercantilism - Free-trade

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See also: History of economic thought

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