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12 October, 20:36

What did Adam Smith argued in the Wealth of Nations?

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  1. 12 October, 20:39
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    In Wealth of Nations, Adam Smith argued for a market system beyond the mercantilism of the day.

    Before Adam Smith, the world thought of the world economy as a fixed pie. Countries would fight for dominance on slices of the pie. As a result, Government controlled much of the market.

    Adam Smith came in and argued in Wealth of Nations for a free market wherein individuals would work to further their own interests, allowing the markets to grow.
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