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'''Adam Smith University''' is a controversial [[school accreditation|unaccredited]] private [[distance learning]] [[university]] founded in [[1991]] by Donald Grunewald, still its president.<ref name="AdamU">[http://www.adamsmith.edu/campus.html History] from Adam Smith University webpage</ref> Grunewald, a onetime president of [[Mercy College (New York)|Mercy College]] and is now a business professor at [[Iona College (New York)|Iona College]].<ref name="Buy">[http://chronicle.com/cgi2-bin/printable.cgi?article=http://chronicle.com/free/v50/i42/42a00901.htm Psst. Wanna Buy a Ph.D.?] ''Chronicle for Higher Education'' by [[Thomas Bartlett]] and [[Scott Smallwood]] June 25, 2004</ref> According to the university, the institution was founded on the principle of independence from state control, where it believes that control prevents it from furthering its mission.<ref name="AdamU" />
==History==
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