________ is credited with creating capitalism from his market economy philosophy, which emphasized allowing self-interest, profit making, and market forces to have free play.
A) Richard Easterlin
B) David Gale
C) Branko Horvat
D) Adam Smith

Question

Quizplus · Accepted Answer

Adam Smith's book "The Wealth of Nations" is considered the foundation of modern economics and he is credited with developing the concept of capitalism based on his philosophy of a market economy. He argued that allowing individuals to pursue their own self-interest and profit-making would lead to economic growth and prosperity, and that market forces should be allowed to operate with minimal government intervention.

________ Is Credited with Creating Capitalism from His Market Economy