ADAM SMITH Prepared by Parkhomenko Yuliya SMITH

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ADAM SMITH Prepared by Parkhomenko Yuliya

SMITH WAS BORN TO MARGARET DOUGLAS AT KIRKCALDY, FIFE, SCOTLAND. HIS FATHER, ALSO NAMED ADAM SMITH, WAS A LAWYER, CIVIL SERVANT, AND WIDOWER WHO MARRIED MARGARET DOUGLAS IN 1720 AND DIED TWO MONTHS BEFORE SMITH WAS BORN.

v Smith entered the University of Glasgow when he was fourteen and studied moral philosophy. v Smith began delivering public lectures in 1748 at Edinburgh under the patronage of Lord Kames. His lecture topics included rhetoric and belles-lettres, and later the subject of "the progress of opulence". On this latter topic he first expounded his economic philosophy of "the obvious and simple system of natural liberty". While Smith was not adept at public speaking, his lectures met with success.

v Economic theory, which Smith described in the "research on the causes and the wealth of nations", was closely associated with the system of his philosophical ideas about man and society. The main mover of human action Smith saw a selfishness in the pursuit of each individual to improve his position. However, according to his society selfish aspirations of people reciprocally together a each harmonious other, forming balance of contradictions, which reflects the established and reigning over the universe of harmony. Competition in the economy, the desire of each for personal gain shall ensure the development of production and ultimately increase public welfare.

v One of the key tenets of theory of Adam Smith - the need to release the economy from government regulation that prevents the natural development of the economy. He sharply criticized the mainstream while the economic policy of mercantilism aimed at ensuring a positive balance in foreign trade through a system of restrictive measures. According to Smith, the desire of people to buy, where cheaper, and sell, which is more expensive, of course, but because all of protectionist tariffs, and incentive bonuses for the export of damaging as any impediments free circulation of money.

v Recent years have been painted in a dark, melancholy tone. With the death of mother Smith seemed to lose the will to live, best left behind. Honor does not replace departed friends. Before her death, Smith ordered the burning of all the unfinished manuscript, though once again recalling the contempt for vanity and vanities.

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