Who is Adam Smith? History & Evaluation of Free Market Capitalism

This session explores the historical evolution of capitalism, tracing its roots from feudal economies to the market-based systems that emerged in early modern Europe. Drawing from excerpts of Adam Smith's The Wealth of Nations, we will examine the intellectual foundations of capitalism and the gradual decline of feudal structures in favor of commercial and industrial economies. A key focus will be the Industrial Revolution of the 18th and 19th centuries, a transformative period driven by technological advancements such as the steam engine and mechanized production. Expanding global trade and industrialization fueled economic growth but also led to profound social shifts, including urbanization, the rise of the working class, and fundamental changes in labor-capital relations.