History, Politics & Society

Adam Smith is known as the father of modern free trade. He was a proponent of laissez-faire economic policies and argued against Mercantilism. As an aside, Smith pointed how slavery was a poor economuc investment.

Natural price is the term Adam Smith used to describe an item sold for exactly the amount of money it cost to produce it.

Technology developed during the Industrial Revolution allowed for the mass production of goods such as textiles.

He believed they would prefer domestic industry to foreign industry.

Answer this question… Utopian socialists believed that a classless society could be created peacefully, while communists believed that it could only occur through a violent revolution.