RUSSIAN ECONOMIC ACADEMY NAMED AFTER
G V PLEKHANOV
INTERNATIONAL BUSINESS STUDIES
Student: Anton Skobelev
After two centuries, Adam Smith remains a towering figure in the history
of economic thought. Known primarily for a single work, An Inquiry into
the nature an causes of the Wealth of Nations (1776), the first
comprehensive system of political economy, Smith is more properly
regarded as a social philosopher whose economic writings constitute only
the capstone to an overarching view of political and social evolution.
If his masterwork is viewed in relation to his earlier lectures on moral
philosophy and government, as well as to allusions in The Theory of
Moral Sentiments (1759) to a work he hoped to write on “the general
principles of law and government, and of the different revolutions they
have undergone in the different ages and periods of society”, then The
Wealth of Nations may be seen not merely as a treatise on economics but
as a partial exposition of a much larger scheme of historical evolution.
Unfortunately, much is known about Smith’s thought than about his life.
Though the exact date of his birth is unknown, he was baptised on June
5, 1723, in Kikcaldy, a small (population 1,500) but thriving fishing
village near Edinburgh, the son by second marriage of Adam Smith,
comptroller of customs at Kikcaldy, and Margaret Douglas, daughter of a
substantial landowner. Of Smith’s childhood nothing is known other than
that he received his elementary schooling in Kirkcaldy and that at the
age of four years he was said to have been carried off by gypsies.
Pursuits was mounted, and young Adam was abandoned by his captors. “He
would have made, I fear, a poor gypsy”, commented his principal
At the age of 14, in 1737, Smith entered the university of Glasgow,
already remarkable as a centre of what was to become known as the
Scottish Enlightenment. There, he was deeply influenced by Francis
Hutcheson, a famous professor of moral philosophy from whose economic
and philosophical views he was later to diverge but whose magnetic
character seems to have been a main shaping force in Smith’s
development. Graduating in 1740, Smith won a scholarship (the Snell
Exhibition) and travelled on horseback to Oxford, where he stayed at
Balliol College. Compared to the stimulating atmosphere of Glasgow,
Oxford was an educational desert. His years there were spent largely in
self-education, from which Smith obtained a firm grasp of both classical
and contemporary philosophy.
Returning to his home after an absence of six years, Smith cast about
for suitable employment. The connections of his mother’s family,
together with the support of the jurist and philosopher Lord Henry
Kames, resulted in an opportunity to give a series of public lectures in
Edinburgh - a form of education then much in vogue in the prevailing
spirit of “ improvement”.
The lectures, which ranged over a wide variety of subjects from rhetoric
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