Kirkani was a royal borough, which gave certain advantages to local landowners or Burgesses. The richer farmers also were Burgesses because they had to have a house in the town. Just a few hundred yards away is the wide-mouthed port where Adam Smith's father worked as a customs officer. In 18th century Scotland, pins were made of iron and used in all sorts of industrial settings. Each worker at the pin factory had a specialized task: One would straighten out the iron, another would cut it so that it could be put together.
How did an affable 18th-century “moral philosopher” become the patron saint of cutthroat capitalism? Does “the invisible hand” mean what everyone thinks it does? We travel to Smith’s hometown in Scotland to uncover the man behind the myth. (Part 1 of a series.)