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Smith may refer to:

• Metalsmith, or simply smith, a craftsman fashioning tools or works of art out of various metals

People[edit]

• Smith (surname), a family name originating in England

Arts and entertainment[edit]

• Smith (band), an American rock band 1969–1971
• Smith (1917 film), a British silent film
• Smith (1939 film), a short film
• Smith!, a 1969 Disney Western film
• Smith (TV series), a 2006 American drama
• Smith, a 1932 novel by Warwick Deeping
• Smith, a 1967 novel by Leon Garfield and a 1970 TV adaptation

Places[edit]

North America[edit]

• Smith, Indiana, U.S.
• Smith, Kentucky, U.S.
• Smith, Nevada, U.S.
• Smith, South Carolina, U.S.
• Smith Village, Oklahoma, U.S.
• Smith Park (Middletown, Connecticut), U.S., a public park
• Smith Pool, Salem, Massachusetts,U.S.
• Smith, Alberta, Canada
• Smith Sound, between Greenland and Canada
• Smith Sound, Newfoundland and Labrador, Canada
• Smith Sound (British Columbia), Canada

Antarctica[edit]

• Smith Bluffs, Ellsworth Land
• Smith Cliff, Ellsworth Land
• Smith Glacier, Marie Byrd Land
• Smith Heights, Oates Land
• Smith Islands, Wilkes Land
• Smith Knob, Ellsworth Land
• Smith Nunatak, Mac. Robertson Land
• Smith Nunataks, two nunataks in Palmer Land
• Smith Peaks, Mac. Robertson Land
• Smith Peninsula, Palmer Land
• Smith Ridge, Ellsworth Land
• Smith Rocks, Mac. Robertson Land
• Mount Smith, north of Mawson Glacier, Scott Coast

In space[edit]

• Smith (lunar crater), on the Moon
• Smith (Martian crater), on Mars

Other places[edit]

• Smith, Buenos Aires, Carlos Casares Partido, Argentina
• Smith Volcano, Philippines

Businesses and organisations[edit]

• Smith (advertising agency), an American advertising agency
• Smith Automobile Company, an early United States automobile manufacturing company 1902–1912
• Smith's Bank, a British bank
• Smith Electric Vehicles, a manufacturer of electric trucks
• Smith International, a gas and oil industry services company, now merged with Schlumberger
• Smith's Food and Drug, an American grocery chain
• The Smith's Snackfood Company, an Australian snack food company owned by PepsiCo
• WHSmith, or Smith's, a British retailer
• DS Smith, a British packaging manufacturer
• SmithGroup is an international architectural, engineering and planning firm
• Smiths Group, a British engineering company
• Smith College, in Northampton, Massachusetts, U.S.

Other uses[edit]

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• Smith Act, a United States federal statute
• Smith Tower, in Seattle, Washington, U.S.

See also[edit]

• Smyth, a surname
• R. v. Smith, the name of several court cases
• Smith Square, in Westminster, London, England

Eamonn Butler's Condensed Wealth of Nations, which includes a section on The Theory of Moral Sentiments, is available to download here.

Why Adam Smith is important

Adam Smith (1723-1790) was a Scottish philosopher and economist who is best known as the author of An Inquiry into the Nature and Causes of the Wealth Of Nations (1776), one of the most influential books ever written.

The old view of economics

In Smith’s day, people saw national wealth in terms of a country’s stock of gold and silver. Importing goods from abroad was seen as damaging because it meant that this wealth must be given up to pay for them; exporting goods was seen as good because these precious metals came back.

So countries maintained a vast network of controls to prevent this metal wealth draining out – taxes on imports, subsidies to exporters, and protection for domestic industries. The same protectionism ruled at home too. Cities prevented artisans from other towns moving in to ply their trade; manufacturers and merchants petitioned the king for protective monopolies; labour-saving devices were banned as a threat to existing producers.

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The productivity of free exchange

Smith showed that this vast ‘mercantilist’ edifice was folly. He argued that in a free exchange, both sides became better off. Quite simply, nobody would trade if they expected to lose from it. The buyer profits, just as the seller does. Imports are just as valuable to us as our exports are to others.

Because trade benefits both sides, said Smith, it increases our prosperity just as surely as do agriculture or manufacture. A nation’s wealth is not the quantity of gold and silver in its vaults, but the total of its production and commerce – what today we would call gross national product. Olk viewer for mac.

The Wealth of Nations deeply influenced the politicians of the time and provided the intellectual foundation of the great nineteenth-century era of free trade and economic expansion. Even today the common sense of free trade is accepted worldwide, whatever the practical difficulties of achieving it.

Social order based on freedom

Smith had a radical, fresh understanding of how human societies actually work. He realised that social harmony would emerge naturally as human beings struggled to find ways to live and work with each other. Freedom and self-interest need not produce chaos, but – as if guided by an ‘invisible hand’ – order and concord. And as people struck bargains with each other, the nation’s resources would be drawn automatically to the ends and purposes that people valued most highly.

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So a prospering social order did not need to be controlled by kings and ministers. It would grow, organically, as a product of human nature. It would grow best in an open, competitive marketplace, with free exchange and without coercion.

The Wealth Of Nations was therefore not just a study of economics but a survey of human social psychology: about life, welfare, political institutions, the law, and morality.

The psychology of ethics

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It was not The Wealth Of Nations which first made Smith’s reputation, but a book on ethics, The Theory Of Moral Sentiments. Once again, Smith looks to social psychology to discover the foundation of human morality. Human beings have a natural ‘sympathy’ for others. That enables them to understand how to moderate their behaviour and preserve harmony. And this is the basis of our moral ideas and moral actions.

Self-interest and virtue

Some people wonder how the self-interest that drives Smith’s economic system can be squared with the ‘sympathy’ that drive his ethics. Here is his answer:

How selfish soever man may be supposed, there are evidently some principles in his nature, which interest him in the fortune of others, and render their happiness necessary to him, though he derives nothing from it except the pleasure of seeing it.

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In other words, human nature is complex. We are self-interested, but we also like to help others too. Smith’s books are complementary: they show how self-interested human beings can live together peacefully (in the moral sphere) and productively (in the economic).

The Wealth Of Nations is no endorsement of economic greed, as sometimes caricatured. Self-interest may drive the economy, but that is a force for good – provided there is genuinely open competition and no coercion. And it is the poor that economic and social freedom benefits most.