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Answer: Adam Smith described the opposing, but complementary forces of self-interest and competition as the invisible hand. While producers and consumers are not acting with the intent of serving the needs of others or society, they do. Smith argued against mercantilism and was a major proponent of laissez-faire economic policies. In his first book, "The Theory of Moral Sentiments," Smith proposed the idea of an invisible hand—the tendency of free markets to regulate themselves by means of competition, supply and demand, and self-interest. 1
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B. James Buchanan Duke bought the rights to use the machine invented by John bonsack
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The importance is that for the first time in history, a national constitution explicitly stated that it had been drafted not by a monarch or a group of barons but by representatives of ordinary citizens. It expressed the fact that such government had been instituted by the democratic will of the people and not by the “divine right” of a monarch or ruler.
It is definitely a collective term; it puts forward the right of self-government of the national community. It does not express the ruling will of an individual person but the collective will of an entire nation.
