ADAM SMITH 300
encouraging them to reflect on the past, while considering how to make a positive contribution to the future. Smith’s legacy was also commemorated in dramatic fashion by In Company Theatre Productions, who performed The Life & Times of Adam Smith , exploring his background and touching on the people he met, as well as the influence his mother had over him. The play showcased a modern twist when long-lost papers were found, meaning that new possibilities emerged regarding the legacy of his work. Attendees had the rare opportunity to view a specially curated display of some of the University of Glasgow’s world-class collection of Adam Smith-related books and manuscripts. This mini-exhibition included original correspondence from Smith and rare editions of his seminal works, such as a first edition of The Wealth of Nations , as well as handwritten student notes of his lectures dating back to the 18 th century. Throughout the day, artist Graham Ogilvie created a live drawing to capture on paper the themes and discussions of the event. The proceedings ended with a drinks reception in the hallowed atmosphere of the cloisters and a polished performance by the University of Glasgow Chapel Choir.
Dr Craig Smith, Adam Smith senior lecturer in the Scottish Enlightenment, School of Social and Political Sciences, University of Glasgow “Everybody has heard of Adam Smith. Many think they know the principles he represented. That said, what people think he thought is often far removed from the content of the two great books he left us. Our team at the University of Glasgow has set itself the task of changing that. “We think Smith’s real ideas are as helpful and relevant today as they were when he wrote The Theory of Moral Sentiments and The Wealth of Nations . His method of evidence-driven, empirical enquiry, combined with clear analysis and an accessible writing style, are a model for how social science can help inform our individual judgments and government policies. “Smith’s core idea of social individuals trying to do the right thing and caring about what others thought of them, sympathetic, moral actors living and working together in a commercial society, is a timeless vision of human nature. More than that, his ideas on specialisation, trade and interdependence are perhaps even more true in today’s globalised world than they were in 18 th -century Scotland. “We hope to show that Smith’s ideas are as fresh and challenging to a modern audience as they were to his first readers. He was a careful and measured thinker and the impact that he hoped his ideas would have was modest. “However, as his fame suggests, he was more influential than he could ever have imagined. On topics as diverse as the environment, technological change, social media and the rise of crypto-currency, Smith looks prescient in his analysis. Going back to his classic books helps us navigate the challenges we face today.”
Adam Smith’s legacy is such that his theories and philosophies can be applied to contemporary issues
“Secondly, and most importantly, many of his questions of morality and business still resonate. Smith introduced the idea that prosperity can be improved by understanding how individuals act in their own self-interest. But he was also clear that advancement at the expense of others is immoral and not good for the economy. Striking a balance between the market and government remains a source of debate. “At the same time, Smith criticised the idea that a nation’s wealth should be measured in the gold of a select few merchants and spoke of the wellbeing of the population as a whole. Today, business leaders also ask what the ‘wealth of a nation’ is if it doesn’t consider environmental sustainability or rising inequalities. “Smith highlighted the dangers of elites exerting influence over markets. In his day, it was the East India Company. Today, it’s multinationals and digital oligarchs. “Many people claim to ‘know’ Adam Smith, but few appreciate the depth of his thinking. At the Adam Smith Business School we’re committed to ensuring that Smith’s underlying questions of morality shape the business leaders of the future.”
Graeme Roy, professor in economics, dean of external engagement and deputy head at the Social Sciences College, University of Glasgow “Some 300 years on from his birth, Adam Smith remains a towering figure in the business community. Why? Firstly, Smith’s ideas were transformative. He put the market at the centre of our modern commercial society and spoke of the benefits of productivity for living standards. “He also set out the principles of taxation, still relevant today. And, of course, he spoke of the value of globalisation. These ideas not only lay the groundwork for the industrial revolution, but influenced intellectuals from Karl Marx to Milton Friedman.
Ambition | JULY/AUGUST 2023 | 45
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