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 Adam Smith, philosopher and political economist, was a native of Kirkcaldy in Fife. As a young man he became a member of the intellectual circle in
Edinburgh centered around the philosopher David Hume and historian William Rutherford. In 1751 Smith was appointed to the chair in logic at Glasgow
University and four years later to the chair in moral philosophy which he held until 1763. From 1787 to 1789 he was rector of the university. His "Theory
of the Moral Sentiments", published in 1759 sought to interpret social behavour in terms of three basic virtues: enlightened self interest, freedom under a state guaranteed framework of law, and concern for others.
In his magnum opus "An Inquiry into the Nature and Cause of the Wealth of Nations", a systematic exposition in three volumes of 18th century liberal economic theorem, Smith laid
the foundations of classical political economy. In opposition to the mercantilists who exaggerated the importance of the money supply, and the physiocrats who put the
productivity of land before all else. Smith argued that labour and the distribution of labour were the true sources of national wealth. As a vigorous advocate of the free market economy
his theories played an important part in its practical implementation. Smith is buried in the graveyard of Edinburgh's Canongate Church. Adam Smith 1723 - 1790
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