Growing Wealth

Adam Smith’s legacy of economic freedom

Adam Smith turned 300 this year. Born in Kirkcaldy, Scotland, in 1723, he too lived in a time of great upheaval. The seedlings of the industrial revolution were taking root in the U.K. Scotland had only been part of the U.K. since the Act of Union came into effect in 1707. A stable polity provided the foundation upon which great advancements in learning and industry would take place during the Scottish Enlightenment.

For the first time in the history of the world, humans would experience...