On March 9, 1776, An inquiry into the nature and causes of national wealth - often referred to simply as National Wealth - was published for the first time. Smith, a Scottish, philosopher of ethics through marketing, wrote the book to explain the industrial power system that upsets the mercantilist system. Mercantilism emphasized that the economy was limited. The only way to be successful is to hoard gold and tax foreign trade. According to this theory, countries should sell their products to other countries without buying anything. Predictably, countries have entered into a form of reparative debt that has stifled international trade.This free market force that Adam Smith called the invisible hand needs support to work its magic. In particular, the market resulting from the increasing division of labor, both in the production process and in society in general, has created a system of dependence. These relationships promote the common good through individual profit motives.In other words, if you are a professional baker and only produce bread, you will depend on someone else for clothing, meat, and beer. In the meantime, the experts in clothing will depend on you for their bread and other things. Economic growth occurs when people want goods and services that they cannot produce themselves.
Adam Smith was a Scottish economist and philosopher who pioneered political economics and was a key figure in Scottish education. He was born on June 16, 1723, in Kirkcaldy, in Fife, Scotland, and was known as "The Father of Economics" or "The Father of Capitalism". Smith's mother was born to Margaret Douglas, daughter of landowner Robert Douglas of Strathendry, also in Fife; She married Father Smith in 1720. Two months before Smith was born, her father died, leaving her mother a widow. Smith studied social philosophy at the University of Glasgow and Balliol College, Oxford, where he was one of the first students to benefit from a scholarship organized by fellow Scot John Snell. After graduating, he successfully taught a public lecture series at the University of Edinburgh in 1784. Smith passed on 17 July 1790 in the north wing of Panmure House in Edinburgh after a painful sickness. He was buried at Canongate Kirkyard. On his deathbed, Smith communicated frustration that he had done nothing more. He wrote two classic books, The Theory of Moral Sentiments in 1759 and An Inquiry into the Nature and Causes of the Wealth of Nations in 1776.
