When the Scotsman Adam Smith (1723–1790) was born, industrialization and a proﬁtdriven market system were replacing custom and command-driven economic systems across Europe. Smith studied in Glasgow, Scotland, and Oxford, England. He had many jobs: professor and lecturer, private tutor to the children of European royalty, government economic adviser, and customs commissioner for Scotland. This gave him a comprehensive understanding of economics. His ideas are captured most powerfully in An Inquiry Into the Nature and Causes of the Wealth of Nations, usually known as The Wealth of Nations.