ˌAdam ˈSmith ˌInstitute the Adam Smith Institute a right-wing British organization that develops ideas about economics and gives advice to businesses and politicians. It has close connections with the British Conservative Party, and had great influence on its policies during the 1980s, especially the policy of privatization (=selling public services like electricity and railways, so that they become private companies). The organization started in 1977 and is named after Adam Smith, an 18th-century Scottish writer on economics.