Fred Lee Smith: 1940-2024

Fred Smith, founder and former President of the Competitive Enterprise Institute (CEI), passed away recently, leaving a profound impact on those who knew him. At the ASI, we mourn the loss of a friend whose exuberance for life was infectious. Fred was characterized by his cheerful demeanor, optimism, and wit, traits that made conversations with him not only enjoyable but also deeply engaging. He possessed an extraordinary ability to articulate serious arguments in a manner that was entertaining, ensuring that dialogue never felt tedious. His charm extended even to those who held opposing political views; he engaged with opponents in a way that fostered goodwill, making it difficult for anyone to dislike him.

Raised in Alabama, Fred demonstrated remarkable intellectual prowess from an early age, graduating with a degree in Mathematics and Political Science and earning the Dean’s Medal for academic excellence. Fuelled by a belief in the necessity of a think tank to address critiques of capitalism, Fred founded CEI in 1984. His initiative was a response to economist Joseph Schumpeter’s question regarding the sustainability of capitalism in the face of growing regulatory pressures. Fred believed that excessive regulation could stifle innovation and competition, and through CEI, he aimed to critique these regulatory frameworks, exposing how established firms utilized regulations to maintain market dominance while lobbying for favorable treatment.

Fred’s engaging personality and energetic leadership were instrumental in shaping CEI’s distinctive approach to policy advocacy. He infused a freewheeling style into the institute, ensuring that it maintained a razor-sharp focus on promoting personal and economic freedom. Fred was an incorrigibly outgoing figure, well-known and well-liked in the Washington political scene. His approach to leadership was characterized by a commitment to empowering his team, giving them the freedom to explore their interests and identify topics that could catalyze meaningful change. This unique management style not only fostered a sense of ownership among his team members but also sparked a collaborative environment that allowed innovation to flourish.

Believing strongly in the principle of market-based solutions, Fred frequently critiqued heavy-handed bureaucratic approaches. He focused on alternative regulatory frameworks that would promote freedom and competition rather than stifle them. This philosophy guided much of CEI’s work, as Fred, along with his team, published numerous studies and reports advocating for deregulation and emphasizing the benefits of a more market-oriented approach to policy. His unwavering dedication helped CEI gain credibility and respect in the public policy arena, allowing it to become one of the leading voices advocating for economic freedom and responsible governance.

In addition to his professional accomplishments, Fred was known for enjoying the finer things in life, particularly good food and drink. He was a loyal patron of Smith & Wollensky, a fine dining establishment near his office, often sharing that he booked weekly wine-tasting lunches with the hope of overflowing his social calendar. Through these personal connections and social interactions, Fred forged relationships that extended beyond his professional life, highlighting the warmth and joy he found in life’s simpler pleasures. Such anecdotes illustrate not only his zest for life but also the camaraderie he cultivated within both his personal and professional circles.

The impact of Fred Smith’s life and work is deeply felt by those who had the privilege of knowing him. His legacy as a champion of personal and economic freedom, coupled with his charismatic personality, will be remembered by many who were touched by his vision and dedication. Fred’s untimely passing marks the loss of a vibrant leader and friend whose contributions to the realm of public policy and personal relationships will resonate for years to come. He will be dearly missed by colleagues, friends, and anyone who had the fortune of sharing in his infectious optimism and zest for life.