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The war of Jenkins Ear
1739-1748
Adam Smith
Adam Smith - Wealth of Nations Adam Smith (1723-1790) was a Scottish philosophy professor and published his Inquiry into the Nature and Causes of the Wealth of Nations in 1776. He founded modern economics and formulated the idea of a free economy.-He was highly critical of mercantilism and the attempt to regulate trade and the economy.-He preferred free trade competition and the "invisible hand" of the self-regulating economy.These ideas would give all citizens a fair and equal opportunity to do what they did best. Smith was an advocate of free trade, capitalism, and classical liberalism. He argued that freely competitive private enterprises would result in greater income for everyone, not just the rich. The Wealth of Nations is considered to be the first modern book on economics and the first book defending the free market econom