The term 'invisible hand' was first used by Adam Smith in the 18th century to describe the efficiency in the autoregulation of free markets, where free means not externaly intervened by governments. Intervention distorts markets and harms the efficiency of their functioning.
The main principle behind is that, when individuals pursue their "private" efforts they are generating larger wealth for society as a whole than if their first intention was to help society. The markets will be in charge of channelizing individuals interests into socialy desirable outcomes.
Answer:
Credit union
Explanation:
Credit union refers to a financial institution which is owned and controlled by its members. They provide traditional system of banking services for their members. An individual can become a member of credit union by simply joining and opening an account with them.
They are non-profit financial institution, they are concerned about the welfare of their members. They give interest free loans to their members.
