What term is used for modern advocates of less-restricted capitalism as originally defined by Adam Smith?

The term "neoliberal" refers to a modern interpretation of capitalism that emphasizes less government intervention and greater reliance on free markets, drawing on ideas originally put forward by classical economists like Adam Smith. Neoliberalism advocates for policies that support deregulation, privatization of state-owned enterprises, and free trade, aligning with Adam Smith's belief in the "invisible hand" of the market where individual self-interest leads to social benefits.

This choice accurately captures the essence of modern capitalism that seeks to reduce state control over the economy, promoting an environment where market forces dictate economic outcomes. Neoliberal advocates argue that such an approach leads to increased efficiency, innovation, and economic growth, which echoes Smith's principles about the benefits of competition and limited government intervention.

Other terms such as classical economists refer more specifically to scholars who contributed to economic theory in the 18th and 19th centuries, while trade liberals and free market advocates may focus on specific aspects of trade and economic policy without fully encompassing the broader neoliberal agenda that integrates these concepts in a contemporary context.