Definition of Adam Smith from the Oxford Advanced Learner's Dictionary


Adam Smith

; NAmE
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(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, The 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.

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