Adam Smith

Adam Smith (1723-1790), was a Scottish political economist and philosopher. He has become famous by his influential book The Wealth of Nations (1776).Poverty was the acceptable norm for the majority of people in a society based on mercantilism, who had little choice in the destination of their life or their contribution towards society in the latter part of the 18th century. With local guilds dictating the production and distribution of such necessities as wool, textiles, and grains, market competition was non-existent. In his groundbreaking work The Wealth of Nations, published the same year as the American Revolution, Smith soundly examines industry, commerce, and the concept of and benefits of free enterprise.

Adam Smith was born in 1723 in Kirkaldy, county Fife, in Scotland, the son of Adam Smith and Margaret Douglas. His father had died before he was born and he was raised by his widowed mother. He attended Glasgow and Oxford universities before accepting the position as professor of moral philosophy at Glasgow in 1752.

A popular lecturer, Smith also wrote many essays and articles on such diverse topics as literature, justice, health, and welfare. In 1764 he left Glasgow to accompany the Duke of Buccleuch on his travels through Europe as his tutor. Upon his return he started working on The Wealth of Nations which would resound for decades to come and affect changes for contemporary economic policy in the Western world. In 1778 he settled in Edinburgh, Scotland as. Five years later he was a founding member of the Royal Society of Edinburgh. He died on 17 July 1790 and lies buried in the Canongate Churchyard, Royal Mile, Edinburgh, Scotland.

Find English equivalents to the following word combinations:

1. Політичний економіст;

2. Впливова книга;

3. Прийнятна норма;

4. Оснований на меркантилізмі;

5. Ринкова конкуренція;

6. Досліджувати промисловість;

7. Графство Файф;

8. Різноманітні теми;

9. Супроводжувати герцога;

10. Відлунювати в віках;

11. Один із засновників.

Choose the correct word:

1. Adam Smith was a political economist and philosopher who was born in (England, Scotland, France).

2. Adam Smith has become famous by his influential (job, film, work) The Wealth of Nations.

3. Adam Smith was raised by his (widowed, single, alone) mother.

4. Adam Smith (had, wanted, wished) the position as professor of moral philosophy at Glasgow.

5. Smith wrote essays and (books, articles, reports) on such diverse topics as literature, justice, health, and welfare.

6. Adam Smith was a (partner, friend, teacher) of the Duke of Buccleuch.

Answer the questions:

1. When and where was Adam Smith born?

2. What is the most popular book of Smith?

3. When was the American Revolution?

4. Who raised Adam?

5. What essays and articles did Smith write?

6. Where and when did he die?

Questions for discussion:

1. What do you think was the role of Smith in the development of human society?

2. What else do you know about “The Wealth of Nations”?