Adam Smith (1723-1790) provided us with a remarkable synthesis of the economic and political ideas of his time and developed a conceptual system to analyze social interactions that mattered for the wealth of nations. He proposed a radically different roadmap for the future development of the society he lived in. The fact that his original analyses were rooted in a given historical context and were founded on a well thought-through conceptual system should not be ignored. The dribs and drabs of Adam Smith ideas that are bandied about, particularly to support ‘free’ market and anti-regulatory policies, are a far cry from the powerful insights imbued in the original works of Adam Smith. This paper puts the Adam Smith ideas back into the 18th century context, looks into how Smith proceeded with his thinking then, and updates his observations for the contemporary world. By doing so, the paper helps us to not only understand the historical legacy but also be more attentive to the market changes and social challenges of our times.
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"Adam Smith, Market and Social Change: Then and Now,"
Markets, Globalization & Development Review:
1, Article 3.
Available at: http://digitalcommons.uri.edu/mgdr/vol2/iss1/3