Which modern economic philosophy advocates a return to the practices of Adam Smith?

The modern economic philosophy that advocates a return to the practices of Adam Smith is neoliberalism. This philosophy emphasizes the importance of free markets, limited government intervention in the economy, and the belief that individual self-interest and competition drive economic growth and efficiency. Adam Smith's seminal work, "The Wealth of Nations," laid the foundational principles for free-market capitalism, arguing that when individuals pursue their own interests, they inadvertently contribute to the overall good of society through the "invisible hand" of the market.

Neoliberalism builds on these ideas by promoting deregulation, privatization, and globalization, reflecting a strong belief in market-based solutions to economic issues. This approach has gained traction since the late 20th century, particularly as a response to the perceived failures of more interventionist policies.

The other options, such as mercantilism, Keynesianism, and socialism, represent different economic philosophies that do not align with the fundamental principles of Smith's free-market advocacy. Mercantilism, for instance, is characterized by government regulation of the economy to increase national power, while Keynesianism focuses on government intervention to manage economic cycles. Socialism, on the other hand, emphasizes collective ownership and the redistribution of resources and wealth, which contrasts sharply with the