A Scottish philosopher and one of the founding fathers of political economics, Adam Smith is widely regarded as the father of modern capitalism. In his work Wealth of Nations, first published in 1776, Smith lays the foundations of what would develop into the capitalism that is practiced worldwide today. A key concept introduced by Smith was the free market system, also known as "Laissez-faire", in which businesses operate independent of the government and are instead run by private parties which fosters competition between companies for market dominance. It is this mindset that would spur on the fledgling companies of the early Industrial Revolution to grow and expand into large corporations as they sought to turn the largest profit.
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