Adam Smith and early proponents of capitalism believed a strong system of justice is essential to punish those who do not appropriately self-regulate their behaviors,and to reinforce contracts.

Question

Quizplus · Accepted Answer

Adam Smith, in his book "The Wealth of Nations," stressed the importance of a strong system of justice to maintain a competitive and prosperous market economy. He believed that individuals would act in their own self-interest, but that this behavior needed to be regulated by the government in order to prevent fraud and ensure fair competition. Furthermore, he argued that the enforcement of contracts was essential to a functioning market economy, as it allowed individuals to trust in the validity of their agreements and transact business with one another.

Adam Smith and Early Proponents of Capitalism Believed a Strong