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.
<span>Many democratic nations in Europe developed welfare states during the 20th century. All of the following are elements of a welfare state, except C. government ownership of farmland.
You can use the system of elimination here - it's a great thing in a country to have old-age pensions, unemployment insurance, and government-provided health care. What is not as good is when government owns farmlands - it's better for the people to own it.
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He wanted it to be used against Japan.
The triangular trade route or the Silk Road
