He managed to adapt the individual interests of the man to the business field, they affirm that to watch over the own, a collective environment is guaranteed profitable. His theory of the mechanisms of classical economics would remain strong until the early twentieth century, when the Great Depression would push for a rethinking. Smith studied, as it happened, European industrial development. The ideas presented by Smith were shaped so that for the first time could be understood by any person, and thus improve the general notion that was had on the classic economic system. His most important work, from which all his economic thought is born and broken.
To justify how such a society could remain functional, Adam Smith resorted to the presence of an"invisible hand"that regulated human phenomena and behaviors, subjectifying his thinking. However, it is able to recognize the need to offer or accept help and cooperation from others, as long as this also reports a maximization in their moral, spiritual, or monetary return.įor Smith, individuality prevailed over collective values, at the human and business level. Smith regarded man as a being who was guarding his own interests above all others. Before deepening economic systems and business relations, Smith developed his own conception of man in society. Smith's first work, and second in importance behind The Wealth of Nations. With these investigations the Scottish economist allowed himself to sketch a scheme of social order based on the commercial and production relations that were born of his thought, they began to see practiced during the Industrial Revolution, and eventually antagonized with the first communist ideas. Smith approached economic processes on all possible scales, and allowed to elucidate how some commercial methods had the capacity to increase or decrease the wealth of an individual, a company or a state. However, Adam Smith is considered to be the first to develop his mechanisms theoretically. He capitalism, As a reasoned economic system, can not be considered as founded by a man from the feudalism Commercial practices were carried out that showed signs of what would be capitalism centuries later. Most Recent Additions by Adam Smith Intellectual Founder of Capitalism The Wealth of Nations, Published in 1776, is considered his work of greater theoretical and historical value. Smith left a short but complete written work, in which he presented almost, if not all, his ideas.
However, there is enough evidence today to show that Smith's proposals have survived over time, in theory and practice. The thought of Adam Smith is popularly regarded as an opposition to another economic and social thinker that would later appear: Karl Marx. He based his life by developing an understanding of the phenomenon known as Industrial Revolution. Not only was he a great exponent of classical economics, he also contributed his own contributions to the development of social theories in terms of an economic system proposed. Adam Smith was born in Scotland in 1723 and died in the same nation in 1790.
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