Adam Smith was born in 1723 in Kirkcaldy, Fife, Scotland, fatherless. The exact date of his birth is unknown. Smith was baptized June 5, 1723. At the age of fifteen, he began his schooling at Glasgow and Oxford. In 1751, after he finished school, he was offered a job at Glasgow University where he became the new Professor of Logic. There he lectured on ethics, rhetoric, jurisprudence and the political economy (Chew 1). Just eight years after his teaching career began, he published his work The Theory of Moral Sentiments. This showed that he could write, and he established himself in the world. In 1776, An Inquiry into the Nature and Causes of the Wealth of Nations was published. Instantly the book was a success. It had a dramatic effect on how people thought. Even though it took him ten years to write, he became a very rich man from it. After he finished traveling Europe, he went to Edinburgh to live with his mother and died on July 17, 1790 from a painful illness (American 2).
             Laissez faire is a French term meaning "allow to do" or as some say, "leave alone." Smith had many strong beliefs and he was able to share them with the world through his books. He thought that if the government did not intervene in the market, then the problems that they had would fix themselves. Setting prices, trade restrictions, minimum wage laws and product regulations were all seen as too much intervention by the government. He figured that competition would set the proper pricing. Most capitalists agreed with Smith on this, because that meant they had more freedom in their market. Some of them took advantage of the situation and instead treated their laborers unfairly. Smith was unlike those men and favored laws against monopolies. In the beginning, this idea was accepted with enthusiasm. Later on though, people started saying that laissez faire didn't solve many of the problems that the economy had. "This laissez-faire po...