[32], In 1751, Smith earned a professorship at Glasgow University teaching logic courses, and in 1752, he was elected a member of the Philosophical Society of Edinburgh, having been introduced to the society by Lord Kames. In his chapter on colonies, Smith pondered how to solve the crisis developing across the Atlantic among the empire's 13 American colonies. [60][61], James Boswell, who was a student of Smith's at Glasgow University, and later knew him at the Literary Club, says that Smith thought that speaking about his ideas in conversation might reduce the sale of his books, so his conversation was unimpressive. The posthumously published Essays on Philosophical Subjects, a history of astronomy down to Smith's own era, plus some thoughts on ancient physics and metaphysics, probably contain parts of what would have been the latter treatise. This residence has now been purchased by the Edinburgh Business School at Heriot-Watt University and fundraising has begun to restore it. Campos, Antonietta (1987). [140] In addition, he allowed that in some specific circumstances, retaliatory tariffs may be beneficial: The recovery of a great foreign market will generally more than compensate the transitory inconvenience of paying dearer during a short time for some sorts of goods.[141]. [34] After the publication of The Theory of Moral Sentiments, Smith began to give more attention to jurisprudence and economics in his lectures and less to his theories of morals. Smith's statement about the benefits of "an invisible hand" may be meant to answer[citation needed] Mandeville's contention that "Private Vices may be turned into Public Benefits". All the inferior shepherds and herdsmen feel that the security of their own herds and flocks depends upon the security of those of the great shepherd or herdsman; that the maintenance of their lesser authority depends upon that of his greater authority, and that upon their subordination to him depends his power of keeping their inferiors in subordination to them. [35] For example, Smith lectured that the cause of increase in national wealth is labour, rather than the nation's quantity of gold or silver, which is the basis for mercantilism, the economic theory that dominated Western European economic policies at the time. [76], In the work, Smith critically examines the moral thinking of his time, and suggests that conscience arises from dynamic and interactive social relationships through which people seek "mutual sympathy of sentiments. (The Wealth of Nations, Book 1, Chapter 8), However, Smith also noted, to the contrary, the existence of an imbalanced, inequality of bargaining power:[147]. Smith's second proposal called for a theoretical imperial federation that would bring the colonies and the metropole closer together through an imperial parliamentary system and imperial free trade.[115]. Wherever there is great property there is great inequality. When the head of Moral Philosophy in Glasgow died the next year, Smith took over the position. Following the publication of The Theory of Moral Sentiments, Smith became so popular that many wealthy students left their schools in other countries to enroll at Glasgow to learn under Smith. A bust of Smith is in the Hall of Heroes of the National Wallace Monument in Stirling. From Geneva, the party moved to Paris. Smith's central message is, therefore, that under dynamic competition, a growth machine secures "The Wealth of Nations". 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