leszkoss
Junior Member
- Joined
- Dec 3, 2011
- Member Type
- Student or Learner
- Native Language
- Polish
- Home Country
- Poland
- Current Location
- UK
Thank you in advance!
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.
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.