Adam Smith
Born 16th June 1723 till 17th July 1790 Adam Smith was the father of economics and a pioneer of political economy.
An academic philosopher, Adam Smith was hailed the “Father of Capitalism” as his worked strived to create a capitalist economy that was more humane and meaningful. He worked to understand the money system which in turn, he believed, would help him achieve his goal: to make nations and people happier.
It should make money from goods and services that deliver true fulfilment. He believed consumerism had a key role to play in a goods centralised society, that consumerism generated the surplus wealth that allowed society to look after its weakest members.
His basis was that, despite the frivolity of these consumer societies, they didn’t let the poor get sick or starve as they had money to fund hospitals and schools. He defended consumer capitalism on the basis that it did more good for the poor than societies devoted to high ideals. Hoping that, in the future, capitalism would serve a higher purpose than just materialistic satisfaction and would instead also serve as a solution for human’s higher needs such as a rewarding social life and self understanding. Put simply, Smith hoped that a fully developed Capitalist society wouldn’t just service basic needs whilst exciting us to buy frivolous things but instead make money from goods and services that deliver true fulfilment.