Adam Smith(1723-90)亚当·斯密(9-4-1) Scottish economist. His Wealth of Nations"(1776) founded modern classica economics, substituting I k V economic liberalism for mercantilist protection. He Nature and (ads condemned unwarranted state control and monopoly and WIALTH OI NATIONE upheld private enterprise, competition, free trade and laissez-faire as the right and efficient way of producing maximum wealth and happiness. His ideas dominated the whole of industrial Europe and America until the revival of opposing theories of state control and protectionAdam Smith (1723-90) 亚当 · 斯密 (9-4-1) n Scottish economist. His “Wealth of Nations” (1776) founded modern classical economics, substituting economic liberalism for mercantilist protection. He condemned unwarranted state control and monopoly and upheld private enterprise, competition, free trade and laissez-faire as the right and efficient way of producing maximum wealth and happiness. His ideas dominated the whole of industrial Europe and America until the revival of opposing theories of state control and protection