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  • 24-02-2016
  • Business
Answered

Adam Smith's ideas serve as the basis for what type of economic system?

Socialism

Communism

a command economy

Capitalism

Verified Answer :

meerkat18
meerkat18 meerkat18
  • 07-03-2016

Adam Smith's ideas serve as the basis for Capitalism.

Capitalism is known as the "laissez-faire" market. It is defined as an economic based system wherein ownership of the means of production and the operation for profit is privatized.

He was describes as the founder of free market economics. His ideas generated the general set of principles that Capitalism is known for.


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