Adam Smith is often said to have been the founder of the science of economics and the father of liberalism in the sphere of economics. In fact he was neither. He lived at a turning point in western economic and political history, one that was littered with disruptive developments. He came up with a masterful synthesis of the economic knowledge of his period and emphasized both the relative autonomy of these phenomena and their importance in terms of generating wealth from, and in the interests of, everyone. Nevertheless, Smith never denied the moral foundation of economic behavior.
Book preface, encycl. entry
International Encyclopædia of the Social & Behavioral Sciences, 2015, p. 118-124
Political economy; Capitalism; Consumption; Economics; Enlightenment; Ideology; Industrial revolution; International economics; Laissez faire; Liberalism; Markets; Modernity; Nation; New Liberalism; Social change; Social psychology; Sociology; State