What was the economic theory of the late 18th century was?

The economic theory of the late 18th century was largely characterized by mercantilism and the emergence of classical economics. Mercantilism emphasized the accumulation of wealth through trade surplus and government intervention in the economy, focusing on national power. In contrast, classical economics, championed by thinkers like Adam Smith, promoted ideas of free markets, competition, and the "invisible hand," advocating for minimal government interference and the belief that individuals pursuing their own interests would ultimately benefit society. This shift laid the groundwork for modern economic thought.