Michael Copenhaver 2B

Adam Smith

(1723-1790) Scottish Economist

Believed in laissez-faire economics its an attitude of letting things take their own course, without interfering.

Wrote a book called The Wealth of Nations published in 1776 and reed and quoted by many of our founding fathers

Adam Smith's impact on the American Government.

Ben Franklin was good friends with Adam Smith and shared a lot of the same ideas in the way of free trade and capitalism. Ben Franklin is a founding father of this nation and who is to say he wasn't influenced by the great economist Adam Smith.

Some historians have said The Declaration of Independence was directly influenced by The Wealth of Nations.

Adam Smith provided a map to the U.S. economy with free trade and capitalism which is still widely used today.

Adam Smith's impact on his own government.

Although Adam's position was distorted by later exponents of laissez-faire, Adam's perspective advisement would not only have a major impact on Great Britain, but also the Western word as well. In 1857 historian H. T. Buckle concluded that “looking at its ultimate results, (The Wealth of Nations) is probably the most important book that has ever been written, and is certainly the most valuable contribution ever made by a single man towards establishing the principles on which government should be based.”The later reaction against laissez-faire sparked the result of a downgrading of Adam Smith, but a new generation of free marketers have found a continued source of inspiration in his writings. Without Adam Smith, there can be little doubt that concepts such as capitalism, supply and demand, and free trade would be at a significantly less developed stage.


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