WORLD HISTORY

Detailed explanation-1: -Adam Smith was a philosopher and economic theorist born in Scotland in 1723. He’s known primarily for his groundbreaking 1776 book on economics called An Inquiry into the Nature and Causes of the Wealth of Nations. Smith introduced the concept that free trade would benefit individuals and society as a whole.

Detailed explanation-2: -Adam Smith is often identified as the father of modern capitalism.

Detailed explanation-3: -The essential feature of capitalism is the motive to make a profit. As Adam Smith, the 18th century philosopher and father of modern economics, said: “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.”

Detailed explanation-4: -Adam Smith, The Wealth of Nations, 1776. Adam Smith was the ‘forefather’ of capitalist thinking. His assumption was that humans were self serving by nature but that as long as every individual were to seek the fulfillment of her/his own self interest, the material needs of the whole society would be met.

Detailed explanation-5: -In The Wealth of Nations, Smith showed that a nation’s wealth wasn’t determined by the precious metals it held in its vaults. Instead, he argued that wealth existed in the value a commercial society created through production and trade.