Adam Smith championed the idea of free trade and free markets as essential for fostering economic growth and increasing national wealth, advocating that individuals pursuing their self-interest ultimately benefit society as a whole through the "invisible hand." In contrast, many national economies during his time operated under mercantilist policies, which emphasized heavy government regulation, protectionism, and the accumulation of bullion, often stifling competition and innovation. Smith's vision of minimal government interference clashed with the prevailing economic practices that prioritized national control over trade and market activities.
In 3 sentences
How was Adam Smith's position
about the necessity of free trade
and free markets different from
how many national economies
operated during this period?
1 answer