Lesson 13 of 84 · Enlightenment
⭐ 30 XPenlightenment: Lesson 13
In Lesson 13, we analyze the Enlightenment's effect on economic thought and practices.
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In Lesson 13, we analyze the Enlightenment's effect on economic thought and practices. Thinkers like Adam Smith introduced ideas about capitalism and free markets in his influential work, 'The Wealth of Nations.' He argued that individual self-interest in a competitive market leads to economic prosperity and efficiency. This marked a departure from mercantilism, emphasizing the importance of trade and entrepreneurship while advocating for minimal government intervention in the economy, which laid the groundwork for modern economic theory.
Key Facts
Adam Smith is known as the father of modern economics.
His work 'The Wealth of Nations' promoted free market principles.
The Enlightenment shifted economic thought from mercantilism to capitalism.
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Question 1
1 of 2What economic system did Adam Smith advocate for in 'The Wealth of Nations'?
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