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Scottish economist who advocated private enterprise and free trade (1723-1790)

Adam Smith [Adam Smith]

(1723–90) a Scottish ↑philosopher and ↑economist. He believed in ↑free trade and ↑private enterprise (= the idea that business and industry should be controlled by private individuals or companies, not by the state). His book, ↑Wealth of Nations, is regarded as the first major work in the modern science of ↑economics. His ideas have influenced several politicians in modern times, including Margaret Thatcher and Gordon Brown.