WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
SECOND INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Adam Smith believed all of the following EXCEPT:
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government interference prevented the growth of a nations wealth
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laissez faire
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the government should put tariffs on goods
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the governments role in economy should be limited
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Explanation:
Detailed explanation-1: -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.
Detailed explanation-2: -Adam Smith’s writings influence economics today as he believed wealth is created via labor, and self-interest spurs people to use their resources to earn money. Smith’s theories that economies thrive when competition, capitalism, and a free market, are alive and well in the 21st century.
Detailed explanation-3: -Adam Smith liked competition and workers more than he disliked tariffs.
There is 1 question to complete.