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givi [52]
3 years ago
11

Explain the theory of capitalism as defined by Adam Smith

History
1 answer:
DochEvi [55]3 years ago
7 0

A major difference between Adam Smith's view of economics and that of present-day capitalist theory is that Adam Smith viewed value as a product of labor, and thus operated under the Labor Theory of Value, which was used by basically all economists until the Labor Theory of Value became central to Marxism.

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