Adam Smith's Influence on Benjiman Franklin
Adam Smith had huge economic philosophies. Smith mainly opposed government interference in any market activities. Self- interest would actually contribute more to the greater good of all people. Mercantilism is a key term here, it means to maximize the exports and minimize the imports and that the government had to regulate trade to build wealth and power. This is what businessman Benjamin Franklin also opposed. Similar to Smith’s ideas, Franklin wanted free trade and to stray away from British mercantilism. We see Franklin’s influenced thinking in his letter to Lord Kames when he states, “commerce, or the exchange of one commodity or manufacture for another, is highly convenient and beneficial to mankind”.3 This reflects Smith’s advocacy for free markets and believing that trade promotes wealth for all involved.
3Franklin, B. (1760). From Benjamin Franklin to Lord Kames, 3 January 1760. In L. W. Labaree (Ed.), The papers of Benjamin Franklin, vol. 9, January 1, 1760, through December 31, 1761 (pp. 5–10). Yale University Press. Founders Online, National Archives. https://founders.archives.gov/documents/Franklin/01-09-02-0002