Indeed, during the 20th Century, the general trend in the United States was to move closer to the ideas of Adam Smith about the role of government.
<h3>What were the ideas of Adam Smith about the government's role?</h3>
Adam Smith, who emphasized the importance of productive labor, self-interest, capital investments, and profits, believed that the limited and well-defined role of government in capitalism should concentrate on:
- Enforcing contracts
- Administration of justice
- Provision of public goods
- Provision of national defense
- Granting of patents and copyrights
- Encouraging inventions and new ideas.
Adam Smith declared that the invisible hand or self-interest should guide economic productivity because capital investments always aim toward profitability.
He firmly believed that the market forces of supply and demand, division of labor, and pursuit of self-interest, with little government intervention, should form the bedrock of capitalism.
Thus, it is true that during the 20th Century, the general trend in the United States was to move closer to the ideas of Adam Smith about the limited role of government.
Learn more about Adam Smith's ideas on capitalism at brainly.com/question/15619229
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