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Adam Smith's Opinion of Corporations Adam Smith, a Scottish political economist and philosopher laid the foundations of the free-market economic theory with his book The Wealth of Nations. He criticized the restrictive, regulated, mercantilist system, and showed how the principles of free trade, competition, and choice would stimulate economic development, and cause social and moral progress of humankind. Concerned with people's liberty being encroached upon though the use of corporations to restrain competition and establish …

…companies do. Micron insists Hynix practices are unlawful and American consumers should be forced to pay higher prices when buying computer equipment. (McCullagh) So much for free trade and protecting the consumer. If Adam Smith were alive today, I am sure he would have some choice words and possibly a fist for Mr. Bush. President Bush might want to spend less time listening to corporations pleading for special favors, and more time reading Adam Smith.