Question

Wealth brings with it its own checks and balances. The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. . . . make equal laws: secure life and property, and you need not give charity. Open the doors of opportunity to talent and virtue, and they will do themselves justice, and property will not be in bad hands. In a free and just commonwealth, property rushes from the idle [lazy] and brainless, to the industrious, brave, and persevering.

Read the quotation by Ralph Waldo Emerson.

According to both Emerson and Adam Smith, what guarantees success in a free market system?

individual freedom
public ownership
government regulation
trade barriers

Answer 1

Based on the given excerpt above quoted from Ralph Waldo Emerson, it clearly describes what can make someone successful in the market. And according to both Adam Smith and Emerson, what guarantees this success in a free market system is individual freedom. Answer is the first option.

Answer 2

According to Emerson and Adam Smith, what guarantees success in a free market system is individual freedom.

What is a free market system?

It is an economic system where there is no government interference in relation to commercial exchanges carried out in the market, which is formed by private property and determined by the laws of supply and demand.

Therefore, according to the quotation, the free market system is one that guarantees individual freedom to provide opportunities for individuals to express their talent and virtue through ideas and work to build the economy.

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