Adam Smith was an 18th Century philosopher that was born and raised in Scotland. His father, also named Adam Smith was a civil servant and a lawyer. As well as this, he was the widower of Margaret Douglas who died just two weeks after Smith’s birth on June 5th, 1723. Adam Smith’s philosophical beliefs have paved the way for modern economics and following his early endeavours, aimed his views against the doctrine of mercantilism which at the time was the common doctrine that nations abided to acrue wealth.
Mercantilism was a basis of understanding that people believed that a nation’s success was relayed upon its monetary wealth. This was particularly influential during The Renaissance period where wealthy groups such as The Medici’s had been in power. In Florence this of course was a key doctrine with the first bank being opened there during this same time-frame. As per the doctrine, money was kept in reserves for nations to remain wealthy. Adam Smith of course challenged this by outlining in his doctrine that labour was the true key to garnering wealth.
Early Modern Period
The early modern period that Adam Smith lived in and defined is the soul foundation to that which is relied upon today. Labour and free trade are a strong part of current society and Smith’s political and economic philosophy has been seemingly grandeuse to the extent that Smith now warrant’s the title: ‘The king of Economics.’
Sir Robert Peel serves as an instance of the true influence of Adam Smith’s ideals and his impact on the great reformation of ecomimic politics. Peel was member of Britain’s ‘Tory Party,’ and served as Prime Minister at one point. He was forced to receed due to his idea that labour was the key, rather than mercantilism due to his party’s own stance. As he’d decided to stand beside the beliefs that Adam Smith had first proposed centuries before.