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Adam Smith FRS FRSE FRSA (baptised 16 June [ O.S. 5 June] 1723 [1] – 17 July 1790) was a Scottish [a] economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment. [3] Seen by some as "The Father of Economics" [4] or "The Father of Capitalism", [5] he wrote two classic works ...
Bust of Smith in the Adam Smith Theatre, Kirkcaldy. Five editions of The Wealth of Nations were published during Smith's lifetime: in 1776, 1778, 1784, 1786 and 1789. Numerous editions appeared after Smith's death in 1790. To better understand the evolution of the work under Smith's hand, a team led by Edwin Cannan collated the first five editions
Free trade is a trade policy that does not restrict imports ... The value of free trade was first observed and documented in 1776 by Adam Smith in The Wealth of ...
Adam Smith focused on the role of enlightened self-interest (the "invisible hand") and the role of specialization in promoting the efficiency of capital accumulation. Ayn Rand defined capitalism as a social system based on the recognition of individual rights, including property rights, in which all property is privately owned, and called it ...
International trade theory is a sub-field of economics which analyzes the patterns of international trade, its origins, and its welfare implications. International trade policy has been highly controversial since the 18th century. International trade theory and economics itself have developed as means to evaluate the effects of trade policies.
Economic liberalism is a political and economic ideology that supports a market economy based on individualism and private property in the means of production. [1] Adam Smith is considered one of the primary initial writers on economic liberalism, and his writing is generally regarded as representing the economic expression of 19th-century ...
Capitalism. Classical economics, classical political economy, or Smithian economics is a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid-19th century. Its main thinkers are held to be Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Robert Malthus, and John Stuart Mill.
Manchester Liberalism has a theoretical basis in the writings of Adam Smith, David Hume and Jean-Baptiste Say. The great champions of the Manchester School were Richard Cobden and John Bright . As well as being advocates of free trade, [2] they were radical opponents of war and imperialism, and proponents of peaceful relations between peoples.