BC: "Adam Smith." World History: The Modern Era. ABC-CLIO, 2010. Web. 7 Oct. 2010.
FC: ADAM SMITH | Matt Yates
1: ADAM SMITH | Matt Yates
2: Adam Smith was born in 1723 in Scotland. At the age of four he was kidnapped by a gang of gypsies, and was only released after the relentless pursuit of his uncle.
3: Smith eventually went on to get an education at Oxford, and also studied moral philosophy at the University of Glasgow.
4: He also wrote The Theory of Moral Sentiments, a book analyzing the idea of sympathy and morality. | Smith wrote The Inquiry into the Nature and Causes of the Wealth of Nations, perhaps his most influential book. Delved into the "interaction between society, economy, and the quest for worldwide prosperity."
5: Although his ideas called for free trade, he maintained the idea that the government should regulate monopolies to help the market. | Through his book, The Wealth of Nations (shortened), Smith began to express his idea of laissez faire economics, which called for free trade and minimal/no regulation to increase prosperity.
6: Smith's idea of free economics widely affects the United States today. He laid the foundations for capitalism and the semi-free trade economy.
7: Smith's concept of government intervention in the case of monopolies is still relevant in the US government today, for there is legislation in place to dissolve monopolies. This legislation and others like it were widely used back during the presidency of Teddy Roosevelt.