What kind of capitalism did Adam Smith advocate for?
What would the modern term for Adam Smith's economic views be?
- OiyLv 64 weeks ago
Adam Smith did not know the word capitalism. His thesis was based on three things, individualism, property rights and specialization. The word capitalism has been given by Karl Mark, about 100 years later. Today, social and institution factors have been added into Smith‘s model. There are many versions of capitalism with safety net like social market economy.