Question

What did Adam Smith view as the most efficient means to economy stability? What did he view as a threat to that system?
A socialist system was the most efficient means to economy stability, and a capitalist system was a threat.

A system where the workers themselves owned all factories and means of production was the most efficient means to
economy stability, and corporations were a threat.

A free market system was the most efficient means to economy stability, and government regulation was a threat.

A system of government regulation that restricted the abuse of the wealthy was the most efficient means to economy
stability, and restrictions on the powers of the government was a threat.

Answer 1

For Adam Smith, the free market system was the most efficient means to economic stability, and government regulation was a threat.

Why did he think so?

• He believed that government rules prevented people from pursuing their interests.
• He believed that the pursuit of self-interest was what would move the economy.

For Smith, the government should interfere as little as possible in commercial relations and people's lives, allowing the free market system to strengthen and regulate itself, as a way of creating an efficient economy.

However, he advocated that some laws should be created to prevent injustices from happening among merchants.

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