Who?: Adam Smith
What?: Adam Smith was the main prophet of the laissez faire Capitalism for a free market.
Where?: Scotland (Great Britain)
When?: 1723-1790
Major Book?: The Wealth of Nations (1776)
Main Ideas:
1) Free Market
2) Laissez-Faire
3) The business leader embraced the laissez faire.
4) Competition
5) Laissez Faire happened because people like Adam Smith were studying the natural laws of economics and concluded the that Laissez Faire was best suited for a capitalist economy
Why?: Smith believed that an unregulated economy would allow for greater growth and benefit the nation as a whole.
How: Smith published "The Wealth of Nations which embraced the idea of laissze faire.
Quote: “Government should keep its hands off the economy!"
Importance: The competition and the free market will theoretically produce more goods at lower prices making them affordable for everyone.
Related Terms: 1) Laissez-Faire, 2) Capitalism, 3) Invisible hand, 4) Bourgeoisie
Created by: Brittny V. (12), Rehan S. (12) Joe C. (12)