Adam Smith (1723–1790), often known as the “founding father of economics,” was, in fact, a moral philosopher who placed a high value on liberty and moral rectitude. His famous treatise on The Wealth of Nations (1776) was preceded by The Theory of Moral Sentiments (1759). Smith was not just interested in efficient resource allocation. He adhered to the principle of nonintervention and was a firm adherent of free trade (laissez-faire). Like other classical liberals, he was interested in the institutions necessary for creating a harmonious social order, and he found the key to be a “simple system of natural liberty”—supported by a just rule of law protecting persons and property. His ideas are to be celebrated along with the 250th anniversary of the Declaration of Independence.

Adam Smith’s Invisible Hand DoctrineAdam Smith’s Invisible Hand Doctrine

The Tao of the MarketThe Tao of the Market

Lao TzuLao Tzu

Han Fei TzuHan Fei Tzu

Sima QianSima Qian

Adam Smith in ChinaAdam Smith in China

The Road to Harmonious DevelopmentThe Road to Harmonious Development

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