Early Life. The Theory of Moral Sentiments. Travels on the Continent. The Wealth of Nations. Society and "the invisible hand". Economic growth. After two centuries, Adam Smith remains a towering figure in the history of economic thought.
Known primarily for a single work, An Inquiry into the nature an causes of the Wealth of Nations (1776), the first comprehensive system of political economy, Smith is more properly regarded as a social philosopher whose economic writings constitute only the capstone to an overarching view of political and social evolution. Smith then entered upon a period of extraordinary creativity, combined with a social and intellectual life that he afterward described as “by far the happiest, and most honourable period of my life”. Among his circle of acquaintances were not only remembers of the aristocracy, many connected with the government, but also a range of intellectual and scientific figures that included Joseph Black, a pioneer in the field of chemistry, James Watt, later of steam-engine fame, Robert Foulis, a distinguished printer and publisher and subsequent founder of the first British Academy of Design, and not least, the philosopher David Hume, a lifelong friend whom Smith had met in Edinburgh. In it Smith described the principles of “human nature “, which, together with Hume and the other leading philosophers of his time, he took as a universal and unchanging datum from which social institutions, as well as social behaviour, could be deduced. It is the very essence of Smith’s thought that he recognized this institution, whose social usefulness he never doubted, as an instrument for the protection of privilege, rather than one to be justified in terms of natural law: “Civil government,” he wrote, “so far as it is instituted for the security of property, is in reality instituted for the defence of the rich against the poor, or of those who have some property against those who have none at all.” Finally, Smith describes the evolution through feudalism into a stage of society requiring new institutions such as market-determined rather than guild-determined wages and free rather than government-constrained enterprise.
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