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Smith Patterson

Smith Patterson

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Published by: ragusaka on Nov 18, 2009
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11/18/2009

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Adam Smith

By Max Patterson

Background
‡ June 5, 1723 in Kirkcaldy, Fife, Scotland? ‡ Gypsies ‡ 1737- University of Glaskow ‡ 1740- Scholarship to Oxford ‡ 1752- Professor of moral philosophy at University of Glaskow

North Sea

England

Basic Beliefs
‡ Economic liberty= foundation of a natural economic system ‡ Mercantilist gov¶t in England should be abolishedHindered the expansion of wealth and production England should let individuals pursue their own economic interests

Thoughts on Mercantilism
‡ No mercantilism ‡ Production and commerce, not gold and silver ‡ Free exchange- trade without gov¶t interference

Ideas on Social Order
‡ Work with each other ‡ No king or monarch needed ‡ It would happen best with the idea of free exchange

Inquiry into the Nature and Causes of the Wealth of Nations(1776)
‡ First comprehensive system of political economy (how countries are managed) ‡ Wants met through competition ‡ The state should provide basic amenities ‡ Contains two theories of the economic thinking of capitalists:

1. Laws of Supply and Demand
‡ Low supply+ high demand= high prices ‡ High supply+ low demand= low prices ‡ Seller will be obliged to sell an item depending on the supply and demand

2. Law of Competition
‡ ‡ ‡ ‡ Enables economic growth and success Risk of high prices Problem with low prices Competition assures business efficiency and great production

Four-stage Theory
‡ Stage of Movement- Human societies in four categories
1. Hunting and Gathering- little or no settled life 2. Pastoral or herding- nomads- tend herds, little bit of settled property 3. Agricultural- settled, property arrangements 4. Commercial- advanced cities, manufacturing, trade

‡ ‡

More and more civilized as chart goes on Enlightenment- carrying out civilized mission to the rest of the world

Legacy
‡ Founder of Laissez-faire (gov¶t should play as small a role as possible- also thought by people like Thomas Jefferson) ‡ His four-stage theory allowed Europeans to look at themselves and find out what stage they are in ‡ Mercantilism should be abolished ‡ Inquiry into the Nature and Causes of the Wealth of Nations has been called one of the most influential books ever written ‡ Died July 17, 1790 in Edinburgh, Scotland

Bibliography
‡ Adam Smith." Encyclopædia Britannica. 2009. Encyclopædia Britannica Online. 13 Nov. 2009 <http://www.britannica.com/EBchecked/topic/549630/Adam-Smith>. Kagan, Donald, Steven Ozment, and Frank M. Turner, eds. The Western Heritage. 9th AP. Upper Saddle River, NJ: Pearson Education Inc., Print. Web. 13 Nov. 2009. <http://news.bbc.co.uk/olmedia/1805000/images/_1807282_scot_kirkcaldy2 _150map.gif>. Web. 13 Nov. 2009. <http://guynewey.files.wordpress.com/2009/02/adamsmith.jpg>. adamsmith.org. Adam Smith Institute, Web. 15 Nov. 2009. <http://adamsmith.org/adam-smith/>. ³The Philosophical Response to Industrialization´

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