Adam Smith, a Scottish economist and philosopher born in 1723, profoundly shaped modern economic Theory. Educated at The University of Glasgow and Balliol College, Oxford, Smith was influenced by the Enlightenment era's emphasis on Reason and Progress. "The Wealthof Nations," published in 1776 in London, emerged during the Industrial revolution and the American Revolution, offering a new Perspective on Economic systems and advocating for free market policies. Initially, the book was met with mixed reviews, with supporters praising its revolutionary ideas and critics wary of its challenge to Mercantilism. Over Time, it became a cornerstone of Classical Economics, influencing figures like Karl Marx and John Maynard Keynes and enriching fields from Political Economy to global Trade policy.
Guiding Question
How does the pursuit of individual gain shape the destiny of society?