Question

What econmic system did adam smith support in the wealth of nations?

Answer 1

Adam Smith's writings came to represent an economic system known as laissez-faire. This was the precursor to capitalism in the sense that the economy was governed by the invisible hands of supply and demand. Naturally, the supply and demand are affected and altered by buyers and sellers. So sellers would try to maximize their profit while competing with other sellers for business. Buyers would try to buy the BEST material without spending an arm and a leg. These cycles gave rise to the development of the more complex entity of capitalism. It also resulted in the polar opposite of economic socialis . i hope it helps