INDUSTRIAL REVOLUTION
INDUSTRIAL REVOLUTION AND ITS IMPACT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Revolution is the only solution to economic problems.
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Five-year plans are necessary in order to industrialize.
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All nations would benefit from an agricultural economy.
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Government should follow a laissez-faire policy.
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Detailed explanation-1: -Adam Smith would most likely agree with which statement? Revolution is the only solution to economic problems.
Detailed explanation-2: -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-3: -Adam Smith would most likely agree with which statement? Government should follow a laissez-faire policy.
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.
Detailed explanation-5: -Smith saw laissez-faire as a moral program and the market its instrument to ensure men the rights of natural law. By extension, free markets become a reflection of the natural system of liberty.