Adam Smith and Capitalist Philosophy

Adam Smith and Capitalist Philosophy

Adam Smith was the first major capitalist philosopher to praise free market economy and no government involvement in the economy. Smith was an 18th century philosopher whose beliefs led to some of our modern day theories; his work marks the breakthrough of an approach which has progressively displaced the stationary Aristotelian view. His most famous book is An Inquiry into the Nature and Causes of the Wealth of Nations, which was written in 1776.

Adam Smith was born in Kirkcaldy, Scotland, though his exact birth date is not known, but what is known is that he was baptized on June 5, 1723. At the age of seventeen, Adam Smith was sent off to Oxford on scholarship. At Oxford, Smith discovered the works of David Hume, who Smith became very interested by. After graduating, Smith joined in on "the brilliant circle in Edinburgh which included David Hume, John Home, Hugh Blair, Lord Hailes and Principal Robertson" (Chambers Biographical Dictionary). In 1751, Smith became a professor of Logic at Glasgow, and the next year, he transferred to the Chair of Moral Philosophy. In 1758, Smith published his first major work, titled Lectures on Rhetoric and Belles Lettres. In 1764, Smith was hired to tutor the young Duke of Buccleuch. Though Smith published his next major work, Theory of Moral Sentiments, two years later, which he was still revising it until his death in 1790. Smith retired to Edinburgh, Scotland off of his pension he earned for his work for Duke of Beccleuch. "In 1778 he was appointed to a post of commissioner of customs in Edinburgh, Scotland" (Chew). While the commissioner of customs, Smith lived with his mother, and, not directly connected, Smith was never married and was a bachelor until he died. "Shortly before his death Smith had nearly all his manuscripts destroyed. In his last years he seems to have been planning two major treatises, one on the theory and history of law and one on the sciences and arts. The posthumously published Essays on Philosophical Subjects (1795) probably contain parts of what would have been the latter treatise" (Faber). Smith "died in Edinburgh on July 17, 1790, after an illness. At the end it was discovered that Smith had devoted a considerable part of his income to numerous secret acts of charity" (Chew).

Adam Smith's major works include: The Theory of Moral Sentiments (publ. 1759), Lectures on Rhetoric and Belles Lettres (publ. 1958), Lectures on Jurisprudence