Broadly Outline the Key Components of Adam Smith's Philosophy of Capitalism

question 23

Essay

Broadly outline the key components of Adam Smith's philosophy of capitalism.

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Definitions:

Defense Mechanism

Psychological strategies employed by individuals to cope with reality and maintain a self-image, often unconsciously.

Rationalization

A defense mechanism in which controversial behaviors or feelings are justified and explained in a seemingly rational or logical manner to avoid the true explanation.

REBT

Rational Emotive Behavior Therapy; a psychotherapeutic approach that helps individuals identify, challenge, and change irrational beliefs that lead to emotional distress.

Irrational Beliefs

Thoughts or convictions not based on reason or logic, often leading to psychological distress; identified as a key target in cognitive behavioral therapies.