INDUSTRIAL REVOLUTION
PRE INDUSTRIAL EUROPE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Government should interfere as little as possible in the economy.
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Revolution is the only solution to a country’s economic problems.
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Elimination of most agriculture is necessary in order to industrialize.
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Mercantilism is the best policy to promote economic growth.
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Detailed explanation-1: -Q. With which statement would Adam Smith most likely agree? Government should interfere as little as possible in the economy. Revolution is the only solution to a country’s economic problems.
Detailed explanation-2: -Adam Smith would most likely agree with which statement? Government should follow a laissez-faire policy.
Detailed explanation-3: -The laissez-faire theory mainly advocates government non-intervention. Economic theorist Adam Smith believed that the optimal functioning of markets needed minimal government intervention.
Detailed explanation-4: -In 1776, Adam Smith published The Wealth of Nations, probably the most influential book on market economics ever written. Born in 1723, Adam Smith was the son of a customs official in Kirkcaldy, Scotland. At 14, he entered the University of Glasgow.
Detailed explanation-5: -The Industrial Revolution shifted from an agrarian economy to a manufacturing economy where products were no longer made solely by hand but by machines. This led to increased production and efficiency, lower prices, more goods, improved wages, and migration from rural areas to urban areas.