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Adam Smith is considered to be the first modern economist of this world and his economic concepts started changing the world even before the science of economics was born. Scot Newbert (2003) has clearly mentioned that it was Smith who created the theory of capitalism and based on his theories the Industrial Revolution in Europe and America took place. Scot Newbert (2003) has aptly characterized that the Western superiority in manufacturing and creation of trans-national corporations are as a result of this theory of Adam Smith. He was a Scottish national and was considered to be a moral philosopher and the man who created modern economics. He was a student of moral philosophy at the University of Glasgow and later on became the professor of moral philosophy at the same university. Two of his greatest works include The Theory of Moral Sentiments and An Inquiry into the nature and causes of Wealth of Nations. The later is considered to be his most famous work and he took ten long years to complete the book.