The Economy Flashcards
1
Q
What is economic liberalism?
A
Another word for capitalism - property ownership (natural right)
2
Q
What was Adam Smiths book called ?
A
The wealth of nations
3
Q
What did the wealth of nations set out?
A
That the economy should be built upon private enterprise and ownership
4
Q
What did Adam smith say would help allocate resources?
A
The invisible hand of market forces would guide traders towards success, resulting in wealth “trickling down” to everyone, and the wealth of nations would be promoted globally.
