Adam Smith

1. Adam Smith By. Dongmyung Lee World History Block G

2. Childhood • Born in a small village called Kirkcadly, Scotland. • Exact date is unknown, but it is known as June 5,1723 • Kidnapped by ‘tinkers’ at age of three • He attended Glasgow and Oxford universities • Not sure but someone said that he was abducted by gypsies when he was 4 years old. • Attended Burgh School when he was 9 years old.

3. Family • The son of Adam Smith and Margaret Douglas • His father died before he was even born. • His father was a lawyer, civil servant. • The mother had to raise him by herself. And she had to work really hard to feed and let her son to go to school

4. Career • delivered public lectures in 1748 at Edinburgh • First he got the job at Glasgow university teaching logic courses. • After the death of Chair of moral philosophy (a professor) accepted the position as professor of moral philosophy at Glasgow in 1752. • He became tutor to duke of Buccleuch. Glasgow University

5. The theory of Moral Sentiments • In 1759, Adam Smith created the theory of Moral sentiments • The theory of Moral Sentiments is about assumed people had ‘sympathy’ for other human beings. • The point is that human beings sympathy will never reach the violence of the person who experiences it. It shows that people should have sympathy for everyone. • It influenced the society because at that time people were thinking differently and thinking the opposite .Which created an arguement • http://www.adamsmith.org/smith/tms/tms-index.htm (The document)

6. An Inquiry into the Nature and Causes of the Wealth of Nations • 1776, Adam Smith wrote it. • The nature of the wealth of nations is the living people are the way of wealth of nations and not because of the natures that were made such as metals. • The causes of the wealth of nations is because it was was changed to the right state policy • Wealth of Nations says that everyone are selfish • Adam smith believes that it is socially really important • The main idea is government should not try to control or direct economic activity.

7. Some people disagreed with what Adam Smith wrote. • There were a lot of arguments between who was correct • “It is not from the benevolence of the butcher, or the baker, that we expect our dinner, but from their regard to their own interest. We address ourselves, not to their humanity but to their self-love, and never talk to them of our necessities but of their advantages.” – Adam Smith • He argued that because of the market system worked, the self interest increased a lot • http://www.adamsmith.org/smith/won-index.htm (The document) • It influenced the Society because it influenced the economy with capitalism (capitalism)-an economic system in which capital goods are owned, operated and traded by private individuals, businesses, or corporations for the purpose of profit http://en.wikipedia.org/wiki/Capitalism

8. Invisible Hand • The invisible hand is used in The wealth of a nation. • In the free market, a person buying stuffs tends to promote his community was a principle that he used and called it the Invisible hand. • It is being used as a metaphor these days. • “he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was not part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good. It is an affectation, indeed, not very common among merchants, and very few words need be employed in dissuading them from it.”( from the wealth of nations)

9. Sources • http://en.wikipedia.org/wiki/Invisible_hand • http://en.wikipedia.org/wiki/The_Theory_of_Moral_Sentiments • http://www.humanities.mq.edu.au/Ockham/y64l01.html • http://www.blupete.com/Literature/Biographies/Philosophy/Smith.htm