Free market economy is a form of capitalism. It is the idea that business should be allowed to freely engage within markets and have in its best interest in mind without regulations on how they are to go about it.
business should be allowed to run without government interference
It's important to note that prior to Adam Smith's publication, the current economic system in major European nations was based on mercantilism. This system created monopolies and high tariffs on foreign products. Another fault that Smith's ideas would have corrected was the imperialistic need to create colonies that were forced to buy products produced from the home country.
The combination of high tariffs along with laws actually forbidding the import of certain products created trade wars and so-called black markets.
businesses should be allowed to run without government interference -- NovaNET Answer
businesses should be able to run without government interferance
Adam Smith
Adam Smith is associated with a market economy.
Adam Smith
American economist Milton Friedman is known as the father of the free market principle.
market economy is most profitable
businesses should be able to run without government interferance
Adam Smith
Adam Smith is associated with a market economy.
The wealthy interest is the most important to the success of the market economy.
yes
Adam Smith
Adam Smith
It was self-regulated by the "invisible hand."
he was a staunch opponent of it
Adam Smith's vision was to promote free markets and individual self-interest as the driving forces of economic prosperity. He believed that through the pursuit of self-interest, individuals unintentionally contribute to the overall wealth of society. Smith emphasized the importance of division of labor, specialization, and limited government intervention in the economy.
American economist Milton Friedman is known as the father of the free market principle.