Adam Smith, born in 1723, was a Scottish economist and philosopher who influenced the development of the laissez-faire economy. One of his most influential books, The Wealth of Nations, published in 1776, introduced his economic theories and propositions for maximizing a nation's wealth and trading economy, expanding on his belief that free trade and restriction of governmental power will allow any nation to promote its welfare (“Adam Smith”). “Laissez-faire”, meaning “let people do as they please”, was a doctrine developed by physiocrats, shaped by the economic ideas of Adam Smith, and influenced the economic and political life in Europe. In Laissez Faire: Pro and Con, Frank Knight stated that laissez-faire preaches “freedom, in the particular case of economic policy: freedom of economic conduct from dictation by government”, and it advocated for the overall justice of the nation, contributing to the belief that all humans are equal and deserve their natural rights and …show more content…
Adam Smith expresses there is a heavy responsibility that comes with an individual or group’s decision to control each person’s economic choices, thus, strongly proceeding with his theory that limiting the government’s authority would economically benefit the nation most effectively, thus Adam Smith’s theories served as a trigger for the increase in negative sentiments regarding mercantilism (“Laissez-Faire”). Instigating additional public disapproval mercantilism was King Louis XIV's unsuccessful attempt to take possession of Dutch commerce in the Dutch War of