Fed's Greenspan on Adam Smith

In a speech titled 'Adam Smith' given on 6 February Alan Greenspan of the Federal Reserve said that 18th-century philosopher Adam Smith was "a towering contributor to the development of the modern world."

Greenspan delivered the Adam Smith Memorial Lecture at Fife College in Kirkcaldy, Fife, Scotland, where the early proponent of free-market capitalism was born in 1723.

"In his 'Wealth of Nations,' Smith reached far beyond the insights of his predecessors to frame a global view of how market

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