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In this essay I intend to asses the way in which many of Smiths theories taken directly form his works can be applied to past and current situations, first from an economic then social, and then a political point of view. I will also outline some of Smiths major theories on market determining factors, such as supply and demand, and the labour theory of value, with focus on how these theories can be applied to current day situations, demonstrating the strength of his works.
I believe it is first important to mention that Smith was raised in a market environment in which Mercantilism was regarded as the most positive policy with which to increase a countries wealth...
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