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Adam Smith |
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| In his famous treatise, The Wealth of Nations, Adam Smith argued that private competition free from regulation produces and distributes wealth better than government-regulated markets. Since 1776, when Smith produced his work, his argument has been used to justify capitalism and discourage government intervention in trade and exchange. In Smith’s words, private businessmen seeking their own interest organize the economy most efficiently “as if by an invisible hand”. | ||||||
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| Capitalism; Laissez-Faire; Smith, Adam; Economics; Scottish Enlightenment | ||||||
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