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Adam Smith grew up in Scotland which is home to David Hume who is perhaps one of Englands greatest philosophers Smith had a good childhood he was raised with some money at hand but he was certainly not rich As far as his family goes his father was a lawyer and held a public office in Scotland and his mother was a member of the Scottish Gentry There is no doubt that Smith began his political thinking through his mother In his first book the Theory of Moral Sentiments he talked about the economy of his time The market or economy consisted of small businesses started by individuals motivated by their self-interests Self-interests do not necessarily always mean increasing ones wealth measured in dollars and cents It is a fact that individuals seek many goals not just increased wealth Therefore the self-interest of the individual involves at the minimum goals relating to prestige friendship love power helping others and many other things In a successful market the competition between businesses would create enough goods for everyone Supply and demand for desired goods would determine which businesses would be successful It would also determine the price of the goods This is how the market worked at Smiths time However the flaws with this theory are apparent in the examination of modern societyThe second book that Adam Smith wrote was titled An Inquiry into the causes and Nature of the Wealth of Nations It is believed to be a guide to the formulation of most governmental economic policies today Its main thesis is that capital is best employed for the production and distribution of wealth with the government interfering as little as possible Throughout this book Smith stated his main theory This theory was later known as economic liberalism Smith believed in the term laissez-faire which is French for hands off Smith believed that there should not be any government intervention with the people except for only
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