Adam Smith

Paper Summary:

The paper offers an account of Adam Smith's early life, boyhood, his education, major influences as well as a review of his two major books; "Theory of Moral Sentiments" and "An Inquiry into the Nature and Causes of the Weath of Nations". The paper also analyzes the seeming contradiction in his theories of 'self-interest' and 'sympathy for others' and outlines Smith's views on the 'invisible hand,' mercantalism, slavery and colonialism. The paper concludes that Adam Smith is, without doubt, one of the most influential figures in the history of mankind.

Outline:
Early Life
Childhood and Early Education
College Education
Public Lectures at Edinburgh
University of Glasgow
Theory of Moral Sentiments
Traveling Tutor
The Wealth of Nations
'Self-Interest' and 'Sympathy for Others': Contradiction in Terms?
Adam Smith's Views on Mercantilism
Smith's View on Slavery and Colonialism
Conclusion

From the Paper:

"Adam Smith (1723-1790), Scottish philosopher and economist, is widely regarded as the father of modern economics and capitalism. His celebrated treatise An Inquiry into the Nature and Causes of the Wealth of Nations, considered as "the first modern work in the field of economics," contains a comprehensive defense of free market policies and gives a still-valid explanation of how rational self-interest and competition can lead to economic well-being and prosperity. Adam Smith's ideas on economics, formulated as they were in the later half of the 18th century, provided the ideological and intellectual background for the Industrial Revolution--the sweeping material transformation in Western society and many parts of the world that characterized the 19th century."

Sample of Sources Used:

• Butler, Eamonn, Dr. "Preface to 'The Theory of Moral Sentiments.'" London: 2001. Edinbugh: 1759. April 13, 2008 <http://www.adamsmith.org/smith/tms-intro.htm>
• Gift, Richard E., and Joseph Krislov. "Are There Classics in Economics?." Journal of Economic Education 22.1 (1991): 27-32.
• Peterson, Wallace C. "Capitalism." Microsoft Encarta Online Encyclopedia, 2007. April 13, 2008. <http://encarta.msn.com/encyclopedia_761576596_1____2/capitalism.html#s2>
• Rae, John. Life of Adam Smith. London: Macmillan and Co., 1895. April 13, 2008. <http://www.econlib.org/library/YPDBooks/Rae/raeLS.html>
• Ross, Ian Simpson. The Life of Adam Smith. Oxford: Clarendon Press, 1995.

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