Adam Smith (1723–1790) was a Scottish philosopher and political economist widely regarded as the father of modern economics and a foundational thinker of classical liberalism. His intellectual work developed during the Scottish Enlightenment alongside thinkers like David Hume. Historical Background & Biography: Born in Kirkcaldy, Scotland, Smith studied at the University of Glasgow and Balliol College, Oxford. He later became Professor of Moral Philosophy at the University of Glasgow. Smith lived through a crucial historical transition away from mercantilism toward the early stages of the Industrial Revolution, shaping his worldview on human labor and economic exchange. Core Philosophical Framework: Smith’s system integrates moral theory with economic analysis, articulated through two seminal works: 1. The Theory of Moral Sentiments (1759): Smith argues that human morality is rooted in mutual sympathy. He introduced the concept of the 'Impartial Spectator'—an internal, objective judge that guides ethical human actions and keeps individual passions in check. 2. The Wealth of Nations (1776): A groundbreaking treatise analyzing the causes of national prosperity. Smith introduced the idea of the 'Invisible Hand', asserting that individuals pursuing their self-interest in a free market inadvertently promote the broader public good. He emphasized the division of labor, free trade, and limited state intervention. Historical and Social Impact: Smith’s ideas revolutionized global commerce, policy, and moral philosophy. By defining wealth in terms of productivity and exchange rather than accumulated bullion, he laid the theoretical groundwork for modern capitalism. Contrary to modern misconceptions, Smith was not an apologist for unchecked greed; he insisted that economic freedom must operate within a robust framework of justice, rule of law, and moral responsibility.