---
title: "Adam Smith: Founder of Classical Economics | Model Diplomat"
description: "Adam Smith (1723–1790) was a Scottish philosopher and the father of modern economics, known for his influential work, The Wealth of Nations."
url: "https://modeldiplomat.com/learn/glossary/adam-smith"
---

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Model Diplomat Research Team · Last reviewed June 22, 2026

TL;DR

- Adam Smith (1723–1790) was a Scottish moral philosopher and the founder of classical political economy, author of The Wealth of Nations (1776).
- Why is Adam Smith called the father of economics?
- What does the 'invisible hand' mean?
- What are Adam Smith's four canons of taxation?
- How did Smith's ideas oppose mercantilism?

[Civil Service & Diplomatic Exams](https://modeldiplomat.com/learn/civil-services/glossary)Updated June 22, 2026

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In 1991, India's finance minister Manmohan Singh defended liberalisation by invoking the market logic Adam Smith systematised in The Wealth of Nations (1776), dismantling licence-raj controls in favour of competition and freer trade.

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