- For Teachers
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Adam Smith was one of the key thinkers of the Scottish Enlightenment. He was a founder of a innovative doctrine called economic liberalism which challenged mercantilism and feudalism. According to him, pursuing egoistic self-interest could be a motive power for progress and development. In his vision of economy, the nation’s wealth can only be created when a free market exists. Therefore, he claimed, economic freedom was an essential condition that lead to nation’s well-being. Adam Smith coined the concept of the ‘invisible hand of the market’, and argued that self-regulating market is most beneficial for the well-being of people and the government’s interference in the economy should be kept at a minimum level.