According to Adam Smith, the self-interest represents the personal gain of the individual and actions he takes in order accomplish that self interest. He was a staunch believer in the free market and was against government regulations because he thought that the free market would most benefit the individual and therefore the society. The competition is what makes the the manufacturers produce better products and more of them, while this will spur the costumers to buy those products. When many act in their own self interest, the market will give both to the manufacturers and the consumers.
"I understand your concerns, but i've had both the accountants and lawyers look at this and they don't see anything wrong here so just do it" is best an example of Dogmatism Philosophy .
According the dogmatism philosophy everything that is asserted or denied must be submitted to rational inquiry that seeks to establish it with certitude or probability.
They introduced the cash crops Also the huge plantations systems
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Several fundamental types of economic systems exist to answer the three questions of what, how, and for whom to produce: traditional, command, market, and mixed. Traditional Economies: In a traditional economy, economic decisions are based on custom and historical precedent.
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