Who is Adam smith and what were his idea? (IN YOUR OWN WORDS)

Adam smith was a Scottish philosopher and regarded as the father of the open market economy. His book, the wealth of nations was the underlying foundation of the modern economic theory and the free market system.

he believed that rather than having self sufficient closed economies, economies must open up to other nations and international trade along with minimally regulated markets will eventually work towards the development of national economies while enhancing the standard of living of individuals.

Explanation:

from the conditions of the working class in england by friedrich engels,the main idea is :

utilized the penal colony