adam smith

Adam Smith, a Scottish philosopher is best known as the author of one of the most, well known books ever written. He is most commonly known as the “Father of Economics.” Smith contributed to the development of Modern Economics, created the invisible hand theory, which is an invisible force that is used to guide the free market and capitalist system. Ultimately, this is aided by “says that an individual's self-interest is ultimately economically beneficial to society as a whole” (ecocommerce101). Smith contributions have changed the old way of thinking that mercantilism that stated the only way to create wealth was to hoard gold and other commodities and place tariffs on other nations, in disregard for Smiths new free trade principle. Smith not only changed the way of thinking in regards to trading he helped create a world where free trade and capitalism has flourished.

His life began at his baptism in Kirkcaldy, Scotland on June 5. 1723 His mother became a widower when he father died two months before his birth. Smith spent most of his infancy dealing with sicknesses. Although it is not specifically known what that sickness was, Colic which is excessive crying was associated with his sickness. Having being sick at an early age helped create a lasting bond between him in his mother she was considered to treat Adam Smith with “unlimited indulgence” (Ross 16). Surprisingly, at the time Culpepers Midwife Enlarged a child birth guide stated “that scare one women in twenty was fit suckle her child.” Along with the inability for mother to care for the children, Smith was able to survive a dysentery epidemic in 1723-1724 due to the carrying nature of his mother. This caring nature of would prove beneficial to Smith, which helped him deve...

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...cture within society. Overall, The Invisible hand theory showed that markets can regulate themselves while people pursuit what is best for them. Smith’s thinking showed that the prospering social order did not have to be controlled by kings or leaders. That social order would thrive on its own in a free, competitive marketplace without constraint as a product of human nature. “The Wealth of Nations was therefore not just a study of economics but a survey of human social psychology: about life, welfare, political institutions, the law, and morality” (AdamSmith.org). Adam Smith died on July 19th 1790 in Edinburg. He profoundly changed the way of the thinking in his time and modern times without his revolutionary and possibly radical way of changing an age old way of thinking, capitalism and free market might not have been as influential as they are in the today world.