Adam Smith Wealth Of Nations

365 Words2 Pages
Adam Smith wrote the book “Wealth of Nations”, where he stated his opposition to mercantilist beliefs. “Wealth of Nations” basically provided an outline of what we know today as Capitalism, which was to replace feudalism. Smith built his view on the principle that the nation is best served when state power is used to create wealth, which results in more power and national security. Smith also believed that the best interest of society was served by an “invisible hand”, which was based on an individual’s personal self-interest. The five dominant features of Capitalism are strongly based on Smith’s work: markets coordinate society’s economic activities; extensive markets exist for the exchange of land, labor, commodities, and money; competition
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