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


the Adam Smith Institute

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a British organization formed in 1977 to give economic advice to the British government, foreign governments and other groups. It was named after the 18th-century economist Adam Smith, and shared many of his ideas (e.g. about the importance of reducing the extent to which the state is involved in social and commercial affairs). It was associated particularly with the Conservative governments of the 1980s and 1990s in Britain.