On the economic thought of Adam Smith and economic liberalism

Economics has a great influence on thoughts and policies in modern society. Especially, recent neoliberal reforms are supported by beliefs on the freedom of economic activities and the adjustability of market mechanism. It is often said that Adam Smith advocated economic liberalism. Relying mainly on The Theory of Moral Sentiments and The Wealth of Nations, this paper shows the economic thought of Adam Smith and his intentions. Our results indicate that Smith didnʼt claim economic liberalism unconditionally but his economic thought is not enough to defend it. And we discuss the recent situation of economics and neoliberalism. Finally, we conclude that we need an interdisciplinary approach for the revolution in economics.