JACKSONIAN DEMOCRACY 1825 1850
DEMOCRACY IN AMERICA BY ALEXIS DE TOCQUEVILLE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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He stressed economic freedoms are essential for a democracy.
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He introduced the idea of the command economy to regulate business.
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He stressed the importance of the government regulating banks to stabilize the economy.
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None of the above
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Detailed explanation-1: -Smith’s ideas in these works and others helped develop the foundation of political economics, inspired policies that shifted away from mercantilism, established the concepts of specialization and the division of labor, and laid the groundwork for macroeconomic theory.
Detailed explanation-2: -Adam Smith was a philosopher and economic theorist born in Scotland in 1723. He’s known primarily for his groundbreaking 1776 book on economics called An Inquiry into the Nature and Causes of the Wealth of Nations. Smith introduced the concept that free trade would benefit individuals and society as a whole.
Detailed explanation-3: -Smith was the first to realise that economics should not only be concerned with the production of wealth but the distribution of it too. In large part because of his ideas, England overturned the Corn Laws and went on to become the dominant economic power in Europe during the Industrial Revolution.
Detailed explanation-4: -Smith believed that government’s proper roles in society should be limited, but well defined: government should provide national defense, the administration of justice, and public goods.