the age of 14 (1737) smith earned himself admittance into The University of Glasgow, where his life would be greatly influenced by the work of Francis Hutcheson. It is now widely accepted that Smiths time at Glasgow was probably the most creatively and intellectually stimulating period in his life. After graduating he earned a scholarship to Oxford and stayed a while in the Balliol College. After a 6-year absence from his hometown of Edinburgh, he returned to seek work. After finding work which allowed him to lecture, he began to discuss matter of not only economics importance, but political, historical, and rhetorical matters. Later earning a professorship at Glasgow, Smith was about to reach the peak of his political science work. In 1776 Smith first published his famous book, The Wealth of Nations. Unlike the mercantilists before him, his work showed a regard for the poor and oppressed workers of the time. The British Isles at the time were just coming out of centuries of a mercantilist economy. Smith stressed four main points. First that, Self-Interest Benefits Society. Every individual endeavors to employ his capital as near to home as he can, and consequently as much as he can in the support of domestic industry; provided always that he can thereby obtain the ordinary profits. For example if there are 100 slipper manufacturers self interest will motivate them to raise their prices above the cost of production to earn a profit, but they cannot because his competitors will move in and under sell them. Maybe they could all get together (like the gas companies on Guam) and sell on a uniform price, but another seller from a different area (for example Chevron) will move in and under sell all of them. Secondly, that Personal Profit motivates. Every individual who employs his resources or capital will seek the industry of greatest profit for his given resource. For example, if a man can drive a bus and a taxi, ...
