Asked by Adrianna Gasper on Jun 15, 2024
Verified
Adam Smith's The Wealth of Nations argued that
A) countries should make laws to maximize their exports and minimize their imports.
B) countries should try to accumulate as much gold and silver as possible.
C) countries should conquer other territories and obtain colonies to increase their wealth.
D) countries should allow the unrestricted functioning of the free economy,which would ensure the pursuit of private interests,and,by result,public interests.
E) real wealth is not money,but knowledge.
Adam Smith
A Scottish economist and philosopher, best known for his works "The Wealth of Nations," which laid the foundations for classical economics.
The Wealth of Nations
A seminal book by Adam Smith that laid the foundations of classical economics, emphasizing free markets, the division of labor, and the function of self-interest in commerce.
Free Economy
An economic system where transactions are under the control of private owners for profit rather than by the state.
- Acknowledge the impact of key philosophical and economic doctrines, including liberalism, Utilitarianism, and Adam Smith's laissez-faire economics, on the development of European political ideologies and policies.
Verified Answer
GC
Giancarlo ConsiglioJun 18, 2024
Final Answer :
D
Explanation :
Adam Smith's The Wealth of Nations argues that countries should allow the unrestricted functioning of the free economy, which would ensure the pursuit of private interests, and by result, public interests. This is known as laissez-faire capitalism, where the economy is governed by the laws of supply and demand without government interference.
Learning Objectives
- Acknowledge the impact of key philosophical and economic doctrines, including liberalism, Utilitarianism, and Adam Smith's laissez-faire economics, on the development of European political ideologies and policies.