Adam Smith referred to socialism as an economic system governed by an "invisible hand."

Question

Quizplus · Accepted Answer

Adam Smith did not refer to socialism as an economic system governed by an "invisible hand." Rather, he used this phrase to describe his concept of how a free market economy, based on competition and self-interest, can lead to the overall benefit of society without the need for centralized control or direction. Socialism, on the other hand, advocates for collective ownership and control of the means of production, distribution, and exchange.

Adam Smith Referred to Socialism as an Economic System Governed