WORLD HISTORY

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HISTORY

THE INDUSTRIAL REVOLUTION

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
“ ____ he intends only his own gain, and he is in this, as in many other cases led by an invisible hand to promote an end which was no part of his intention ____ Pursuing his own interest he frequently promotes that of the society more [effectively] than when he really intends to promote it."This passage most likely appeared as part of-
A
Karl Marx’s Capital
B
Adam Smith’s The Wealth of Nations
C
Niccolo Machiavelli’s The Prince
D
Marx and Engels’ The Communist Manifesto
Explanation: 

Detailed explanation-1: -The invisible hand is a concept that was coined by economist Adam Smith to illustrate hidden economic forces. The invisible hand is a metaphor that describes the unseen forces of self-interest that impact the free market. In theory, consumers basing decisions on self-interest creates a positive outcome for the economy.

Detailed explanation-2: -’No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable. ‘ ‘It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest. ‘

Detailed explanation-3: -“A man must always live by his work, and his wages must at least be sufficient to maintain him. They must even upon most occasions be somewhat more; otherwise it would be impossible for him to bring up a family, and the race of such workmen could not last beyond the first generation.”

There is 1 question to complete.
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