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 ma ...