Which of the following did Adam Smith see as a valid reason for creating an economy with less government regulation?
A) Free competition encouraged improvements in industrial production.
B) He believed that the laws of God did not permit the guilds' imposition of controls on labor.
C) He believed that free and fair competition provided the best opportunity to produce wealth.
D) Mercantilists advocated rational self-interest,which could not advance the common good.

Question

Quizplus · Accepted Answer

Adam Smith believed that free and fair competition provided the best opportunity to produce wealth. He argued that the pursuit of self-interest, within a framework of competition and private property rights, would lead to increased innovation, efficiency, and prosperity for society as a whole.

Which of the Following Did Adam Smith See as a Valid