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What Industrial Revolution?

In: Adam Smith’s Lost Legacy

Author

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  • Gavin Kennedy

Abstract

Often declared as an apostle of capitalism, Smith showed no sign that he was aware (and nor I believe were his contemporaries) of the transformation of his fourth stage of commerce into a new, unanticipated, capitalist fifth stage, the first green shoots of which were then appearing timidly in England, less so in Scotland. In the next century the consequences of this phenomenon became known as the ‘Industrial Revolution’, which revolutionised the world of commerce as Smith envisaged it. James Watt, who worked away quietly in Glasgow University’s instrument workshop from 1756 to 1765, a few yards from Smith’s lecture rooms, had no notions of where his fastidious instrument repairing and innovative tinkering would lead him in coming decades.1

Suggested Citation

  • Gavin Kennedy, 2005. "What Industrial Revolution?," Palgrave Macmillan Books, in: Adam Smith’s Lost Legacy, chapter 29, pages 127-131, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-51119-4_29
    DOI: 10.1057/9780230511194_29
    as

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