Adam Smith's Summary: The Characteristics Of Adam Smith

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Adam smith was born in a small village in Kirkcaldy, Scotland. He entered the University of Glasgow at age fourteen, and later attended Balliol College of oxford, learning with an extensive environment in European literature and an enduring contempt for English schools. He never got married. He died in Edinburgh on July 19, 1790. Adam smith popularity rest on his explanation of how rational self-interest in a free market economy leads to economic wellbeing. He is credited with establishing the discipline of political economics. The ideas put forward in his work represented a major withdrawal from the then-dominant economic policy and philosophy of mercantilism, which had held power in Europe for three centuries. So philosophically it was the impact of Wealth of Nations that it is generally considered the most important economic work ever written. Terms that are commonly used currently, such as “invisible hand” and “division of labor,” had their beginning in Smith’s thesis. Adam smith capitalism is about the value as a product of labor. Capitalism is a socio political and an economic system that is based on principles of private property and free market. Capitalism is a political and an economic system where the country’s resources, trade and industries are owned by private entrepreneurs and their companies (Rand, 2016). Characteristics of capitalism centrals around private property, capital accumulation, wage labor, voluntary exchange, a price system, and competitive

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