economy
March 11, 2026
The Guardian view on Adam Smith: he deserves rescuing from the free-market myth
On the 250th anniversary of The Wealth of Nations, the Scottish philosopher is still invoked by the right. Yet he worried about inequality, monopoly and the power of wealth
TL;DR
- Adam Smith's 250th anniversary prompts a re-evaluation of his legacy beyond the free-market myth.
- Figures like Milton Friedman and Margaret Thatcher simplified Smith's ideas, focusing on 'greed is good' and 'invisible hand' concepts.
- Smith's actual writings show a more complex thinker concerned with inequality, monopoly, and the "masters of mankind."
- He supported public education and legal caps on interest rates, contradicting a pure laissez-faire stance.
- Smith recognized the tensions within commercial society, a point later radicalized by Karl Marx.
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