According to Adam Smith,the success of decentralized market economies is primarily due to
A)the basic benevolence of society.
B)society's legal system.
C)individuals' pursuit of self-interest.
D)partnerships that are forged between business and government.

Question

Quizplus · Accepted Answer

According to Adam Smith, the success of decentralized market economies is primarily due to individuals' pursuit of self-interest. He believed that people acting in their own self-interest would naturally create a system that benefits society as a whole, as businesses compete to provide the best goods and services to consumers. This concept is known as the "invisible hand" and is a central idea in Smith's famous work, "The Wealth of Nations." Smith did not believe that a benevolent society or partnerships between business and government were the primary drivers of economic success.

According to Adam Smith,the Success of Decentralized Market Economies Is