On This Day

16 June 1723

Birth of Adam Smith, author of the Wealth of Nations

Smith was a key figure of the Scottish enlightenment and his works such as the 1776 magnum opus An Inquiry Into the Nature and Causes of the Wealth of Nations led to him being considered the father of economics and modern capitalism. His approach to free trade, open markets and the importance of the skill and ingenuity of the individual, guided by the invisible hand, exerted a strong influence on Victorian Liberal theorists and is still relevant and influential today.