What are Adam Smith's theories on capitalism?

Modern capitalism traces its roots to Adam Smith and his Wealth of Nations, which has served, perhaps more than any other economic work, as a guide to the formulation of nations' economic policies. read more

Adam Smith is often described as the "father of capitalism" (and the "father of economics"). He described his own preferred economic system as "the system of natural liberty." However, Smith defined "capital" as stock, and "profit" as the just expectation of retaining the revenue from improvements made to that stock. read more

Like his friend and colleague, the great philosopher David Hume, Adam Smith, was a key member of the Scottish Enlightenment. A believer in a free market economy, he is known as the father of modern capitalism. His views and works brought him fame and fortune in his lifetime, unlike Hume, his less fortunate but equally influential friend. read more

British Prime Minister Margaret Thatcher, the "Iron Lady" of the UK's local version of the global neoliberal conservative reaction of the late 1970s against the various more liberal social and fiscal policies of the earlier postwar decades, reportedly carried in her purse a copy of Adam Smith's famous book, The Wealth of Nations. read more