Running Head: ADAM SMITH AND CAPITALISMAdam Smith and CapitalismFirstname LastnameInstitution affiliation1ADAM SMITH AND CAPITALISM2Adam Smith, a Scottish and a philosopher who lived from 1723 to 1790, is consideredthe founder of modern economics. In Smith's day, philosophy was an in-depth study of humansociety and an inquiry into the nature and meaning of existence. After careful consideration ofthe business world, Smith concludes that the members of the community, each acting in theirinterest, collectively succeed in producing and acquiring the goods and services they need as asociety. The mechanism by which this self-regulation takes place has been called the invisiblehand, in its founding book The Wealth of Nations, published in 1776, the year of the UnitedStates declaration of independence.Although Smith did not prove the existence of the hand" (at least, it was invisible), hepresented many examples of his work in the society. Necessarily, the butcher, the baker, and thecandlesticks maker take care of their business individually (Galbraith, 2017). Everyone producesthe amount of meat, bread, and candlesticks he or she judges right. In this way, everybody ...
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