All Classical Economics

The school of political economy founded by Adam Smith and developed by his nineteenth-century successors, built on the labor theory of value, free trade and the self-regulating market. Belongs here: Classical Economics itself and the Manchester School, which turned classical free-trade doctrine into an active nineteenth-century British political movement. Does not belong here: the marginalist reaction against classical value theory, which groups under Neoclassical and Marginalist Economics, and the Marxian critique of classical political economy, which groups under Marxian and Sraffian Political Economy.