Adam Smith said that the free market economy is regulated by
A. competition and government intervention.
B. self-interest and government intervention.
C. self-interest and competition.
D. competition and cultural traditions.
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@amistre64 I believe the answer is B, is that correct?
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I was thinking self interest and competition!
okay u possitive?
After publishing The Theory of Moral Sentiments (1759), he became the tutor of the future Duke of Buccleuch (176366); with him he traveled to France, where Smith consorted with other eminent thinkers. In 1776, after nine years of work, Smith published An Inquiry into the Nature and Causes of the Wealth of Nations, the first comprehensive system of political economy. In it he argued in favour of an economic system based on individual self-interest that would be led, as if by an invisible hand, to achieve the greatest good for all, and posited the division of labour as the chief factor in economic growth. A reaction to the system of mercantilism then current, it stands as the beginning of classical economics.
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I would say yes!