In 1759 Adam Smith, then a thirty-six year old Professor of Moral Philosophy at Glasgow University, published his Theory of Moral Sentiments. This work attracted the attention of the guardians of the immensely wealthy Duke of Buccleuch towards retaining its author as a tutor to the youthful Duke whilst on a protracted, and hopefully educational, "Grand Tour" of continental Europe.
While tutoring from 1763 Adam Smith found some of the time spent in the
French provinces hard to fill and seems to have begun his masterpiece An Inquiry into the Nature and Causes of the Wealth of Nations, as a way of taking up otherwise idle hours in the summer of 1764. Overall however he derived much personal philosophical benefit from these months of journeying on the continent. In Paris he met amongst others, the "Physiocrat" economic theorist (and court Physician) Quesnay and the French Ministers, Turgot and Necker.
The French economic policy, during these times were conducted in accordance with the "Mercantilism"(the theory and system of political economy prevailing in Europe after the decline of feudalism, based on national policies of accumulating bullion, establishing colonies and a merchant marine, and developing industry and mining to attain a favorable balance of trade) that had held sway in the economic thinking of Europe for some three centuries. Mercantilism expected that governmental control would be exercised over industry and trade in accordance with the theory that national strength (i.e. the Royal states treasury) is increased by a preponderance of exports over imports.
By nature, back then France was fitted to be a great agricultural country, a great producer and exporter of corn and win ...