Adam Smith

[The Grey Blur]

And his arguments/beliefs - what were they?

[t_wolves_fan]

Here you are. (http://www.econlib.org/LIBRARY/Smith/smWN.html)

[Vendetta]

Capitalism, I belive.

[KC]

Liberalism.

[uber-liberal]

He was essentialy the father of the modern market economy.

http://en.wikipedia.org/wiki/Adam_Smith

In particular, read the bit on the Adam Smith Problem.

[Demogorgon]

Before people start laying into him too badly, socialism was unheard of at the time and he was writing agains Mercantilism which is an awful system. Once you factor in his moral views he was very egalitarian for his time. Not quite the free market monster/hero, his dtractors/admirers will have you believe.

[KC]

Not quite the free market monster/hero, his dtractors/admirers will have you believe.

Yeah. He was also heavily criticizing the physiocrats, which you forgot to mention, and which was a significant part of Smith's theories and a significant contribution to The Wealth of Nations.

[colonelguppy]

his theories didn't have the benefit of being tested by the industrial revolution, so like marx, i'd look to his contemporaries.