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Essay / Research Paper Abstract
7 pages in length. Adam Smith, considered quite universally to be the father of contemporary economics (Rouse, 1995), grew up under the watchful eye of his widowed mother and attended college on a scholarship. Clearly immersed in the principles of philosophy and logic, he ultimately turned his talents toward economics where he cultivated his popular - if not greatly debated - economic theory of growth and international trade as being founded upon the division of labor, a reality Smith (1991) claims is integral to the quest for wealth and the growth of a society. The greatest turning point in his life is unarguably when he published Wealth of Nations, which inevitably cast him 'as the fountainhead of contemporary economic thought' (The Library of Economics and Liberty, 2002). Bibliography lists 15 sources.
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7 pages (~225 words per page)
File: LM1_TLCAdamSmith.rtf
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Clearly immersed in the principles of philosophy and logic, he ultimately turned his talents toward economics where he cultivated his popular - if not greatly debated - economic theory of
growth and international trade as being founded upon the division of labor (Chandra, 2004; Schumpeter, 1986; Eltis, 1975), a reality Smith (1991) claims is integral to the quest for wealth
and the growth of a society. The greatest turning point in his life is unarguably when he published Wealth of Nations, which inevitably cast him "as the fountainhead of
contemporary economic thought" (The Library of Economics and Liberty, 2002). What initially began as two distinctly different theories - growth and international trade - ultimately came to represent a single
concept as the classic period gave way to the neo-classical era (Myint, 1977). Smith (1991) - considered the economist who helped to pave the way for todays capitalism (Uchitelle,
1998) - illustrated how the connection between international trade and economic growth were two inextricable components that worked together in a synergistic fashion (Krugman et al, 2000). The passage
of time, however, saw these two theories become independent of each other to the point where "the importance of international trade was neglected in the context of economic growth" (Afonso,
2001). One of Smiths (1991) greatest concerns is the variance in national wealth from one country to another; as mankind bursts into the twenty-first century with new fewer homeless and
starving global inhabitants, it is clear how Smiths (1991) apprehensions have been warranted, especially with regard to globalization. The size of a countrys market, according to Smith (1991), is
reflective of its ability to engage in international trade; the advent of globalization has removed many from what might otherwise be a level playing field. Africa, for example, is
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