Adam Smith<span> was a Scottish philosopher who became a political economist in the midst of the Scottish Enlightenment. He is best known for writing "The Theory of Moral Sentiments" (1759) and "An Inquiry into the Nature and Causes of the Wealth of Nations" (1776).</span>
‘Precious Metals
he discovery of large quantities of gold and silver in the New World made precious metals a key export from New Spain. This changed the history of the world economy. For instance, when precious metals entered Spain, this inflow drove up the Spanish price level and caused a balance of payments deficit.
