Adam Smith is often considered the first modern economist. His magnum opus,
The Wealth of Nations (1776) is widely credited with laying the theoretical and philosophical foundations for capitalism. The work had an immediate impact on economic thinking, in light of its arguments for the freedom of trade.
The Wealth of Nations is far more than a treatise of economic theory, however. In this work Smith presents a powerful blueprint for a stable and peaceful society which rests upon a hard-headed and realistic assessment of humans and their natures.
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Adam Smith was born in the small Scottish town of Kircaldy in 1723. He became a professor of logic at Glasgow University in 1751 and shortly thereafter a professor of moral philosophy. In 1759, he published his first great work,
The Theory of Moral Sentiments, which established his reputation as a leading philosopher in Europe.
The Wealth of Nations made him an eminent man of letters and led to his appointment as Commissioner of Customs in Edinburgh.
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