Economist Adam Smith died - On this day in history

Scottish economist Adam Smith died on 17 July 1790 in Edinburgh at the age of 67. Smith is regarded as one of the founding fathers of philosophy and economics and was one of the key figures of the Scottish Enlightenment. He strongly believed in a free market economy, arguing that human self interest would bring about a balanced economy without the need for restrictions in trade.

Smith was the author of several works which are still used today - including An Enquiry into the Nature and Causes of the Wealth of Nations - which sold out within six months of publication in 1776. Smith died an unmarried man and requested that his private papers be destroyed after his death. His portrait has featured on both Scottish and English banknotes and he is commemorated by a statue at St Giles Cathedral in Edinburgh.