In this and other works, he developed the concept of division of labour and expounded upon how rational self-interest and competition can lead to economic prosperity. Smith was controversial in his …

Dec 18, 2025 · Adam Smith (baptized June 5, 1723, Kirkcaldy, Fife, Scotland—died July 17, 1790, Edinburgh) was a Scottish social philosopher and political economist, instrumental in the rise of …

Smith never uses the term “capitalism;” it does not enter into widespread use until the late nineteenth century. Instead, he uses “commercial society,” a phrase that emphasizes his belief that the …

Adam Smith has become the symbol of American capitalism, a champion of free trade and a free market. But it wasn’t always that way. In fact, it sometimes seems as if capitalism and America...

Smith’s 1776 work lays the basic groundwork for so many modern capitalistic practices. In it, he coined the phrases “ invisible hand ”, “ absolute advantage ”, and “ division of labor ”, three of the most …

Discover how Adam Smith, the father of modern capitalism, shaped economic history with his groundbreaking theories during a time of major change and development.

Apr 13, 2025 · For anyone looking to understand how modern capitalism works, whether it’s running a business, investing, or simply understanding the global economy, understanding Adam Smith is …

Adam Smith published his Inquiry into the Nature and Causes of the Wealth of Nations in 1776, adding a second revolutionary event to that fateful year. A political democracy was born on one...

Smith studied the social forces giving rise to competition, trade, and markets. Smith laid the foundations of classical free-market economic theory. The Wealth of Nations was a precursor to the modern …

He provided a comprehensive analysis of different economic aspects – the accumulation of stock, price determination, and the flow of labor, capital, and rent. The book contained Smith's critique of …