January
JANUARY
January 2023 begins our year-long celebration of the tercentenary of Adam Smith’s birth. To mark this momentous occasion, we unveil a full programme of events, conferences, and celebrations designed to welcome people from around the world to reflect on Smith’s intellectual contributions and enduring legacy.
Panmure House is featured in Stephen J. Dubner’s Freakonomics podcast, in a trilogy entitled In Search of the Real Adam Smith. Programme Director, Dr Caroline Howitt, features in episode three, where she discusses Smith’s legacy and the mission of Panmure House.
The call for proposals for the Panmure House Prize 2023 opens to academics at universities worldwide.
"We're at the dawn of the fourth industrial revolution, with far more wealth, literacy, and opportunity than ever before. But this is also a time of real geopolitical instability, rising inequality, a completely unprecedented environmental crisis, and global economic turmoil as well. The only things that are going to solve these problems are the open-minded enquiry, reasoned debate, and multidisciplinary collaboration that characterised Smith and the Scottish Enlightenment."
- Dr Caroline Howitt, In Search of the Real Adam Smith
February
FEBRUARY
February marks the arrival of Professor Adam Dixon, Panmure’s new Adam Smith Chair in Sustainable Capitalism. Professor Dixon is responsible for developing and leading academic research on sustainable capitalism, focusing on the role of the global finance industry, the role of the state, and the role of corporations.
Professor Dixon’s arrival is heralded by a podcast discussing sustainable capitalism, its history, and plans for the future, produced in partnership with The Scotsman.
"I want to bring together policymakers, business leaders, and those making serious investment decisions, to bring them to the table, to think about these particular global challenges in a constructive way."
- Professor Adam Dixon, Adam Smith Chair in Sustainable Capitalism
March
MARCH
In March, Dr Caroline Howitt and Professor Adam Dixon embark on the first of a series of international tours to share the vision and mission of Panmure House, travelling to San Francisco and Denver.
We also unveil a new merchandise range. The collection includes a curated selection of books, authored by speakers who have appeared at Panmure House, including the esteemed Rt Hon Jesse Norman MP and Baroness Minouche Shafik.
April
APRIL
April sees a continued focus on external events, both at home and abroad.
In Edinburgh, Professor Angus Laing, Executive Dean of Edinburgh Business School and the School of Social Sciences, presents a session at the Scotsman Investment Conference on the legacy of Adam Smith at Panmure House.
We welcome students from the University of Chicago to tour the house during their visit to Edinburgh, as we also mark our special tercentenary Doors Open Day, welcoming more than 280 people.
Dr Caroline Howitt and Professor Adam Dixon visit New York City and participate in the Tartan Day Parade. They are joined by special guest ‘Smithy’, bringing Adam Smith to wide-ranging new audiences.
We also have the pleasure of hosting Baroness Minouche Shafik, at the time Director of the London School of Economics (later to be President of Columbia University). Baroness Shafik is our first Adam Smith tercentenary Lecturer. Her lecture, What We Owe Each Other: A New Social Contract, draws inspiration from her book of the same name, challenging us to contemplate the most effective avenues for the betterment of society. The lecture is followed by an insightful and engaging Q&A session, available for viewing.
‘Every day we navigate mutual obligations and take care of others, not just within our families, but within communities and nation states, far in excess of narrow self-interest.’
- Baroness Minouche Shafik - What We Owe Each Other, Chapter 1
May
MAY
In May, Panmure House has the privilege of hosting the President of Zambia, Hakainde Hichilema, and the First Minister of Scotland, Humza Yousaf. This important gathering celebrates the enduring ties between Scotland and Zambia, providing President Hichilema the opportunity to engage with individuals representing various Scottish universities, industries, and the Zambian community.
"We were honoured to welcome President Hichilema to our University and hear about Zambia's journey in transforming access to education to enable economic development."
- Professor Richard A. Williams, Heriot-Watt University Principal and Vice-Chancellor
"It was an honour to deliver a keynote speech here in Edinburgh, Scotland, at the prestigious Panmure House, the home of the father of modern economics Adam Smith."
- President Hakainde Hichilema, President of Zambia
June
JUNE
In the first week of June, we commemorate Adam Smith’s birth. Initiating what we hope will become a longstanding tradition, the inaugural Smith Supper is held. This event serves to honour the birth of one of Scotland’s most illustrious figures and to explore his enduring worldwide influence. Distinguished hosts Professor Dame Heather McGregor and Dame Anne Richards, preside over the event, which is enjoyed by prominent attendees, including Sir Douglas Flint and Dame Jayne-Anne Gadhia, with an address by former Prime Minister, Gordon Brown.
We have the privilege of introducing the fourth speaker in the Lights of Caledonia lecture series, Dr Glory M. Liu, the esteemed author of Adam Smith's America: How a Scottish Philosopher Became an Icon of American Capitalism. During her presentation, Dr Liu delves into the captivating narrative of how Americans canonise Smith as the patron saint of the free market and why we should consider his contributions in the contemporary context. You can view her lecture now.
'Adam Smith's America offers a new way to understand the meaning and significance of Adam Smith's ideas through the eyes of his past readers. It shows how Smith's American reception teaches us just as much, if not more, about the political, ideological, and methodological commitments that those ideas were recruited to serve as they teach us about Smith himself.'
- Dr Glory M. Liu - Adam Smith's America
Bringing Smith’s life, work, and legacy to a wider audience, we launch our special Adam Smith walking tours. Participants explore the places where the father of modern economics lived, worked, and socialised. The tours also include two unique engagement sessions with the University of Edinburgh and National Library of Scotland.
July
JULY
In July, our Panmure House Prize judges meet to discuss this year’s nominations. To celebrate Adam Smith’s tercentenary year, the prize is increased to an award of USD$100,000 thanks to our sponsors, Baillie Gifford.
We welcome several tour groups from global universities and businesses, while preparations are in full swing for the upcoming Edinburgh Festival Fringe, with show rehearsals and technical infrastructure being installed at Panmure House.
'Labour alone [...] never varying in its own value, is alone the ultimate and real standard by which the value of all commodities can at all times and places be estimated and compared. It is their real price; money is their nominal price only.'
- Adam Smith, The Wealth of Nations, Book I, Chapter V
August
AUGUST
August marks the 77th annual Edinburgh Festival Fringe. At Panmure House, we are delighted to welcome back our dedicated student ambassador team, who play a pivotal role in hosting hundreds of guests throughout the month.
Multi-talented comedian and financial writer Dominic Frisby returns with a captivating lecture entitled Gold. Engaging as ever, he humorously explores the ways in which this precious metal has significantly shaped our civilization and receives rapturous reviews in the process.
Bloomberg’s, Merryn Somerset Webb, hosts the sell-out economics panel debate show, The Butcher, The Brewer, The Baker, and Merryn Somerset Webb. These thought-provoking and interactive sessions feature leading figures from the realms of investment, trading, financial journalism, and comedy. Distinguished guests including James Anderson, Anna MacDonald, and Simon Evans join the conversation. For those who missed the show, a podcast from the sessions is available. Special thanks to Nile Strategic Design for sponsoring this year’s show.
We also introduce Smithy’s Scavenger Hunt, an interactive children’s experience, designed to engage younger visitors. This map-based adventure allows participants to explore the historic Royal Mile of Edinburgh.
Thanks to the generosity of The Friends of Panmure House, we launch a special Adam Smith Tercentenary Celebration Lecture Series, featuring prominent speakers delving into lesser-explored aspects of Adam Smith's life and works.
Our centrepiece dramatic production for the year is the world premiere of Enquiry Concerning Hereafter by Duane Kelly. This compelling play, staged in the Panmure House Lecture Room throughout the Festival, masterfully brings to life the complex relationship between Adam Smith and David Hume, intertwining themes of life, death, and friendship in the presence of Charon, ferryman of the river Styx. The show garners exceptional reviews and enjoys a warm reception from sizable audiences throughout its run.
'Though not my purse... I am slow, a very slow workman, who does and undoes everything I write at least half a dozen times. I wish I could write with just a third your speed. Our countless arguments, many echoing off the walls in this room, made it a more sturdy book.'
- Enquiry Concerning Hereafter
"Fabulously enlightening! Thank you! Beautiful setting."
- Fringe audience remarks
September
SEPTEMBER
Dr Aravind Ganesh, recipient of the 2022 Panmure House Prize and distinguished scholar from the University of Calgary, delivers a lecture shedding light on his award-winning research. He and his team used the Prize to test an innovative approach to the field of medical research funding. The team’s Let's Get Proof technology platform is meticulously designed to enhance diversity in medical research funding, and to foster global collaboration. The platform facilitates interactions between donors, researchers, patients, and clinicians, enabling discussions and crowdfunding efforts to propel research proposals focused on delivering ground-breaking medical innovations.
"I appreciate the open-mindedness that's been shown by Panmure House, because I'm someone who is from the field of medical research, who is taking a different look at this whole idea of long-term investment, as opposed to the usual economist or business thought leader. So it's been really great to step into this space and participate in this exchange of ideas, and as I've come to learn more about Panmure House and what it meant, it actually strikes me as quite fitting, because this was a meeting place for people from different disciplines to exchange ideas and perspectives"
- Dr Aravind Ganesh
Our Director, Dr Caroline Howitt, and our Chair in Sustainable Capitalism, Professor Adam Dixon, travel back to the US to host a special tercentenary event in collaboration with the Scottish Government at the British Embassy in Washington DC. The event features an esteemed panel of experts - Professor Branko Milanovic, Dr Glory M. Liu, and Paul Rennie OBE – debating the economy and discussing selected quotes from Smith’s works.
The event is chaired by Professor Adam Dixon, who flies to Madrid shortly afterwards to give the closing address at the International Forum of Sovereign Wealth Funds.
Meanwhile, Panmure House opens its doors for the second time in 2023 as part of the national Doors Open Day in Scotland. More than 600 visitors are treated to guided tours and enjoy the opportunity to view some remarkable artefacts owned by Adam Smith himself, generously loaned to us by his extended family.
October
OCTOBER
In October, Dr Joseph Henrich, of the Department of Human Evolutionary Biology, Faculty of Arts and Sciences at Harvard University is awarded the 2023 Panmure House Prize for his research on how collective thinking drives cultural innovation. The prize will help enable the publishing of his third book.
Professor Adam Dixon delivers his inaugural lecture entitled, From State Capitalism to Sustainable Capitalism. He unpacks the nature, drivers and logics of the new state capitalism and considers the potential role of states as owners and investors in shaping sustainability transitions and decarbonisation. You can view his lecture in full.
We announce the Panmure House Executive Fellowship. This distinguished fellowship is designed to engage established and emerging leaders from the realms of business and finance in our research and thought leadership endeavours. We extend a warm welcome to both Jean-Baptiste Wautier and Adam Robbins as they join us in this capacity.
We are delighted to welcome Luise Scott Douglas, a Heriot-Watt University graduate, as our new Strategic Programme Assistant.
Students and teachers from St. Peter's Primary School join us as part of the Smith Schools' Series. Primary 6 and 7 participate in a range of activities designed to enhance their debating skills and broaden their understanding of trade and economics.
After many years of planning, we are delighted to initiate our Smith library restoration project: a precious addition to our Reading Room for generations to come, made possible by a generous contribution from Dr Raja Al-Gurg.
'How selfish soever man may be supposed, there are evidently some principles in his nature, which interest him in the fortune of others, and render their happiness necessary for him, though he derives nothing from it, except the pleasure of seeing it.'
- Adam Smith, The Theory of Moral Sentiments, Book I, Chapter I
'I am a beau in nothing but my books.'
- Adam Smith to Smellie the printer
November
NOVEMBER
Professor Adam Dixon, our Adam Smith Chair in Sustainable Capitalism delivers a keynote lecture at the Royal Society of Edinburgh. Professor Dixon encourages us to contemplate how Adam Smith would think, rather than what he would think as he explores three contemporary challenges: the increasing role of state intervention, the pressing issue of climate change, and the ever-growing prominence of artificial intelligence. Now available for viewing.
The following evening, we are privileged to host Professor Niall Ferguson, MA, D.Phil., who holds the esteemed position of Milbank Family Senior Fellow at the Hoover Institution, Stanford University, and is senior faculty fellow at the Belfer Center for Science and International Affairs at Harvard. Professor Ferguson delivers the final tercentenary lecture of 2023. Over a captivating hour, he delves into the theme of Adam Smith, Globalization, and World Order, culminating in a stimulating Q&A session.
"Technology has enormously empowered networks of all kinds relative to traditional hierarchical power structures – but that the consequences of that change will be determined by the structures, emergent properties and interactions of these networks."
- Professor Niall Ferguson
December
DECEMBER
To round off the year, our Chair in Sustainable Capitalism, Professor Adam Dixon, embarks on a journey to the United Arab Emirates to participate in the COP28 conference in Dubai.
"The soundness of decisions made by some national governments, the pace of change, and the absence of long-term implementation plans and assessments of the net impact, have all been criticised in United Nations and expert Climate Change Committee reports. The COP28 events in Dubai in 2023 presents an opportunity to go beyond assessment and step into action, and as a University with longstanding presence in UAE, we have a significant role in hosting international visitors and catalysing action."
- Professor Richard A. Williams, Heriot-Watt University Principal and Vice-Chancellor
As we reflect on the tercentenary of Adam Smith’s birth 300 years ago, we thank all of you who have contributed to making 2023 a special year of engagement and celebration.
Planning for 2024 is well underway. We look forward to welcoming you in the new year – whether in person or online.
Until then, we wish you merry Christmas and a happy New Year.
