Joe feels like the government should not interfere with business of the economy because the market is self regulating, Joe is most likely a .....

THE INDUSTRIAL REVOLUTION

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Joe feels like the government should not interfere with business of the economy because the market is self regulating, Joe is most likely a ____

A	Socialist
B	Capitalist
C	Either A or B
D	None of the above

Explanation:

Detailed explanation-1: -We know Adam Smith today as the father of laissez faire ("to leave alone") economics. This is the idea that government should leave the economy alone and not interfere with the “natural course” of free markets and free trade.

Detailed explanation-2: -In a capitalist economy, property and businesses are owned and controlled by individuals. In a socialist economy, the state owns and manages the vital means of production.

Detailed explanation-3: -Capitalism is the greatest economic system because it has numerous benefits and creates multiple opportunities for individuals in society. Some of these benefits include producing wealth and innovation, improving the lives of individuals, and giving power to the people.

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THE INDUSTRIAL REVOLUTION