What Did Adam Smith Argue in the Wealth of Nations

question 97

Multiple Choice

What did Adam Smith argue in The Wealth of Nations?

• A) Regulation of trade was the cornerstone of government.
• B) The "invisible hand" of the free market directed economic life more effectively and fairly than governmental intervention.
• C) Sacrificing for the public good was necessary for a thriving economy.
• D) Unregulated economic freedom would lead to the destruction of social harmony.
• E) A free market would concentrate wealth in the hands of very few elites.

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Definitions:

Rural Populations

Communities or groups of individuals living in areas characterized by low population density and geographic distance from urban centers.

Alienation

A condition of feeling isolated, disconnected, or estranged from others or from society as a whole.

Modernization

A process of social and cultural change that is initiated by industrialization and followed by increased social differentiation and division of labor.

Culture Lag

The phenomenon wherein certain parts of a culture may evolve more rapidly than others, leading to social conflicts and mismatches between technology and societal norms.