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What economic system did Adam smith follow?
Free market Capitalism
Do you think Adam Smith supported industrialization why or why not?
Adam Smith supported industrialization because he believed in a free economy, to guarantee economic progress.
Why is Adam Smith best remembered, and what did he argue in his influential work?
Adam Smith is best remembered for his influential work "The Wealth of Nations," in which he argued for the benefits of free market capitalism and the division of labor. Smith believed that individuals pursuing their own self-interest in a competitive market would ultimately lead to the overall prosperity of society through the invisible hand of the market.
Adam smith provided a philosophy for this type of economic system?
free market
What did Adam smith believe would result from the combination of capitalism and a laissez-faire policy?
a free market economyCapitalism is a system in which a nation's trade and industry are operated privately for profit by private owners, rather than by the government. Laissez-faire policy is that the government would abstain from interfering in the free market. Adam Smith believed that the combination of the two would result in free trade capitalism.
Who was free market philosopher?
Adam Smith
Who made up free market system?
Adam Smith
The free-market system of capitalism was defended in the book The Wealth of Nations by whom?
Adam Smith wrote the book called the wealth of nations
Who is a free market philosopher?
John Locke, Adam Smith...and others
What economic system did Adam smith follow?
Free market Capitalism
Do you think Adam Smith supported industrialization why or why not?
Adam Smith supported industrialization because he believed in a free economy, to guarantee economic progress.
According to Adam smith how should wages and prices be regulated?
Adam Smith believed that wages and prices should be regulated by the forces of supply and demand in a free market economy. He argued that competition among employers and workers would naturally adjust wages and prices to levels that reflect the true value of goods and services. This concept is known as the invisible hand of the market.
Why is Adam Smith best remembered, and what did he argue in his influential work?
Adam Smith is best remembered for his influential work "The Wealth of Nations," in which he argued for the benefits of free market capitalism and the division of labor. Smith believed that individuals pursuing their own self-interest in a competitive market would ultimately lead to the overall prosperity of society through the invisible hand of the market.
Adam smith provided a philosophy for this type of economic system?
free market
What did Adam Smith believe Would result from the capitalism and a laissez-faire policy?
a free market economyCapitalism is a system in which a nation's trade and industry are operated privately for profit by private owners, rather than by the government. Laissez-faire policy is that the government would abstain from interfering in the free market. Adam Smith believed that the combination of the two would result in free trade capitalism.
What did Adam smith believe would result from the capitalism and a laissez faire policy?
a free market economyCapitalism is a system in which a nation's trade and industry are operated privately for profit by private owners, rather than by the government. Laissez-faire policy is that the government would abstain from interfering in the free market. Adam Smith believed that the combination of the two would result in free trade capitalism.
What did Adam smith believe would result from the combination of capitalism and a laissez-faire policy?
a free market economyCapitalism is a system in which a nation's trade and industry are operated privately for profit by private owners, rather than by the government. Laissez-faire policy is that the government would abstain from interfering in the free market. Adam Smith believed that the combination of the two would result in free trade capitalism.
