The Scottish philosopher Adam Smith (1723-1790) was as a pioneer of political economy. In fact, his economic thought became the foundation of classical economics and his key work, An Inquiry into the Nature and Causes of the Wealth of Nations, is considered to be the first modern work in economics. For Smith, a free competition environment was the best way to foster economic development that would work in accordance with natural laws. The framework he set up to explain the free market remains true to this day.

James R. Otteson is Professor of Philosophy and Economics at Yeshiva University in New York. He is author of Adam Smith's Marketplace of Life (Cambridge, 2002) and Actual Ethics (Cambridge, 2006), as well as numerous articles in the history of philosophy, ethics, and political philosophy.

Part I \ 1. Adam Smith's Life and Works \ Part II \ 2. Smith's Philosophical Program: Two Early Essays
3. Smith's Genealogy of Morality \ 4. The Impartial Spectator and Moral Objectivity \ 5. Political Economy in The Theory of Moral Sentiments \ 6. Political Economy in The Wealth of Nations\ 7. Resolving the "Adam Smith Problem" \ Part III \ 8. Smith's Enduring Significance, Part One: What Smith Got Wrong \ 9. Smith's Enduring Significance, Part Two: What Smith Got Right \ Epilogue. Smith: Conservative or Libertarian? \ Bibliography \ Index