Adam Smith is known as “The Father of Economics” and “Father of Capitalism.” He was a Scottish economist and philosopher who was a pioneer of political economy. Smith was a key figure during the Scottish Enlightenment. He laid the foundations of classical free-market economic theory. His book An Inquiry into the Nature and Causes of the Wealth of Nations (1776) was one of the precursors to the modern academic discipline of economics. He developed the concept of division of labor and expounded upon how rational self-interest and competition can lead to economic prosperity.
Adams Smith’s classic economic theory was that the philosophy of free markets emphasizes minimizing the role of government intervention and taxation in the free markets. Smith advocated for limited government, in which the role of government was responsible for education and defense in society.
Warren Buffett quote:
“The natural function of a more specialized market economy is to divert more and more of the rewards to the top. That’s something I don’t think we’ve fully addressed in this country.”
This Adam Smith History Mug is part of our Author series which includes many unique individuals who shaped our world through their actions.
The biographical History Mugs were created to teach and inspire individuals to learn about our diverse and interesting history. The biographies were researched and written by history enthusiast, Robert Compton. He colorized most of the historic photos and images used on the mugs, which were originally black and white or sepia tone. The images and biographies are imprinted on mugs at his studio in rural Vermont.
- Mugs are food and microwave safe.
- To preserve photographic quality we recommend hand washing.
- Mugs are usually shipped within 3-5 days.