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Question

In his book Wealth of Nations, Scottish economist Adam Smith argued that society's interests are best served by a private enterprise system in which individual entrepreneurs seek their own self-interest versus other types of economic systems. He felt that competition was a better way to regulate business than government planning and control. Discuss Smith's "pure vision" and the reality of contemporary practices. Explain whether or not his theory has been proved over the past 200 years. (You must cite, support, and/or evidence your response. Do not just give your opinion--back it up with facts!)