Panmure House campaign receives $1 million donation

The campaign to conserve and adapt Panmure House, the final home of renowned economist, Adam Smith, is receiving a major $1 million gift from the Global Philanthropic Trust.

This generous donation will help ensure that works on the conservation of the House can start in early 2014, and that on its opening in the Autumn of 2015, it will provide world-class educational programmes.

A new centre for economic excellence

Panmure House, situated in Edinburgh's medieval Old Town and within the Edinburgh World Heritage site, is the last extant home of the great moral philosopher and economist, Adam Smith (1723-1790). It is also the last significant remaining home of any member of the Scottish Enlightenment. Panmure House was purchased in 2008 by Edinburgh Business School, the Graduate School of Business of Heriot-Watt University, in order to conserve and adapt the house for future generations, to honour Adam Smith's legacy and to create a centre for economic excellence that will welcome curious minds from around the world to learn about Smith's life and works.

 Adam Smith is often said to be the world's first economist, he is a vital part of Scotland's heritage and a beacon of intellectual endeavour. Revitalising his last home as an educational centre will help ensure his pioneering thinking lives on in the minds of future generations
Professor Keith Lumsden, Director and Founder of Edinburgh Business School  

The project is led by Professor Keith Lumsden, Director and Founder of Edinburgh Business School, who also chairs the fundraising committee of the Panmure House Campaign.

Professor Lumsden said, "On behalf of the whole campaign team, I am pleased to announce the generous donation the campaign has received from the Global Philanthropic Trust to support our efforts to restore Adam Smith's final home, Panmure House. Adam Smith is often said to be the world's first economist, he is a vital part of Scotland's heritage and a beacon of intellectual endeavour. Revitalising his last home as an educational centre will help ensure his pioneering thinking lives on in the minds of future generations."

Terry Kibbe, Advisor to the Global Philanthropic Trust, said, "It has been 237 years since the publication of Adam Smith's Wealth of Nations, and his understanding of the mutual benefits of trade and voluntary cooperation are more relevant and more urgently needed than ever before. As the world struggles to lift ever more people out of poverty, Smith's ideas provide a modern roadmap to renewed prosperity. On this basis, the Global Philanthropic Trust is delighted to support the effort to conserve and adapt Smith's final home, to honour his great legacy and to endow the programme, €˜The Life and Works of Adam Smith' which will educate people from around the world about his ground-breaking ideas."

The Duke of Buccleuch, Co-Patron of the Panmure House campaign, said, "I am honoured to serve as Co-Patron of the Panmure House campaign. My family has a historic link with Adam Smith dating back over two hundred years and it has been inspiring and moving to see the depth of support shown for our efforts to restore his last home, not just within the United Kingdom, but from around the world. This very generous grant from The Global Philanthropic Trust will greatly contribute to our ongoing efforts to develop Smith's Edinburgh home into a unique focal point for fans of his life and works."