ABSTRACT OF PAPER
Title: Adam Smith's Monetary Theory. Was it influenced by patronage?
Author: Murphy Antoin
Between the Glasgow Lectures and the Wealth of Nations Adam Smith became more conservative with respect to money and banking. One reason for this may have been the collapse of the Ayr Bank in 1772 and the financial repercussions that it had in both England and Scotland. Smith's patron, the Duke of Buccleuch, was one of the leading partners of the Ayr Bank. A case is presented to suggest that Buccleuch's problems as a partner in Douglas Heron and Company (the Ayr Bank) may have been instrumental in causing Smith, the recipient of considerable financial assistance from Buccleuch, to start fearing the 'Daedalian wings of paper credit'.
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