ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

The Influence of Adam Smith - Scottish Economist

Updated on March 19, 2013

Adam Smith, Political Economist

Adam Smith June 5, 1723 in Kirkcaldy, Scotland. His writings would influence political economies around the world. He was educated at Glasgow and Oxford, though his graduation from Oxford remains uncertain. He was an avid lover of English literature and economics. He was appointed chair of logic in 1751 at Glasgow University. One year later, he transferred to the position of chair of moral philosophy from which he retired in 1764. He traveled extensively to France where he was heavily influenced by France's Physiocrats like Turgot and Necker. However, his theories on economics were formed earlier through self-study and deep thought on the subject.

The Works of Literature by Adam Smith

His first published work, a dissertation, was "Theory of Moral Sentiments." In this work, he presented his thoughts that sympathy provoked rising sentiments of moral issues. In 1766, Adam Smith returned to Kirkcaldy, Scotland and ten years later on March 9, 1776, his work "Inquiry into the Nature and Causes of the Wealth of Nations," was published. This single work pronounced Adam Smith an authority on economics relied on by statesmen, men of business and philosophers. Smith divided this work into several books that were referred to as Wealth of Nations. Each of the books focused on division of labor and rent, wages and profits, historical accounts of European development and an analysis of the mercantile system. Adam Smith was stringently opposed to the mercantile system and attacked its practices. Wealth of Nations also discussed freedom of trad and the cost of government as well as sources and uses of public revenues.

Following the publication of Wealth of Nations, Adam Smith was appointed to the customs commission as chief commissioner. He is most recognized for his writings on the problems of economics prior to the onset of the Industrial Revolution. Wealth of Nations major value was to discredit economic policies of the past and to promote overthrow of those institutions of modern society considered unsuitable and unsustainable for the long term.

Adam Smith and Laissez Faire

In his Wealth of Nations, Adam Smith's writing was interpreted handily by industrialists to infer that government in France should keep hands off business. However, there was no intentional implication by Smith of this. Rather, he looked with disfavor upon immunity of businesses whose policies were detrimental to government. His proposal for division of labor existing in production processes portended the present day mass production.

In the USA, the early industrialists relied on Wealth of Nations to support unfavorable business practices and policies. As a result, the Robber Barons of the early 1900's managed to create monopolies by unfair competition, inequitable labor practices and helped spawn many of the anti-trust laws that resulted.

Adam Smith died in Kirkcaldy, Scotland on July 17, 1790, after living in Edinburgh for the remainder of his life.

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)