How Adam Smith Influenced the U.S. Economy - Show 38-1

Tuesday, July 3, 2012 11,902 views

As we celebrate our independence, we also want to celebrate Adam Smith and the publication of his book, Wealth of Nations, which was first published in 1776. Although he was a Scotsman, Adam Smith provided a map to the mysteries of the U.S. market. Back then, the terms “economics” or “capitalism” were not used. Instead, Smith referred to a “system of perfect liberty.” Founding Fathers James Madison, Thomas Jefferson and Alexander Hamilton all cited Wealth of Nations in speeches, letters or reports. Smith’s book has played a critical role in shaping and explaining the field of economics as we see it today.

 

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