Adam Smith and His Work and Contributions to Capitalism

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Adam Smith and his work and contributions to Capitalism Adam Smith, known as the "founding father of economics", was born in the family of a lawyer in Kirkcaldy Scotland in 1723. He studied Latin, mathematics, history, and writing in one of the best secondary schools of Scotland at that period"—from 1729 to 1737.At the age of 14, he entered the University of Glasgow and developed his passion for liberty, reason, and free speech while studying moral philosophy under Francis Hutcheson. In 1740, being awarded the Snell exhibition, he left to attend Balliol College, Oxford. He left Oxford University in 1746. Smith began delivering public lectures in 1748 in University of Edinburgh. In 1751, he became a professor at Glasgow University teaching logic courses, and in 1752 Smith was elected a member of the Philosophical Society of Edinburgh, and a year later he took over the position of the head of Moral Philosophy. After tutoring a young duke in France between 1763 and 1767, Smith started writing his book The Wealth of Nations which was published in 1776. He worked as an academic for the next thirteen years. In May 1773, Smith was elected fellow of the Royal Society of London and in 1778, he was appointed to a post as commissioner of customs in Scotland. Five years later, he became one of the founding members of the Royal Society of Edinburgh and from 1787 to 1789 he occupied the honorary position of Lord Rector of the University of Glasgow. He died in Edinburgh on 17 July 1790 after a painful illness and was buried in the Canongate Kirkyard. His most famous works -Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations -are of great importance. Smith was the first to write a book so completely dedicated to the idea of capitalism. He covers such important issues as calling the invisible hand regulates the economy through this

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