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What Does Adam Smith Advocate

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What Does Adam Smith Advocate
Adam Smith

1. Which of he following does Adam Smith advocate?
• The pursuit of self-interest ✓
According to Adam Smith in a ‘laissez faire’ economy each member will try to pursue and maximize his own self-interest

• Import of restrictions to protect the domestic market ✗
Adam Smith believes in a free market economy and would disapprove of restrictions, even in the name of protection. • Private armies to protect the domestic market ✓/✗
Adam Smith advocates the protection of the domestic market through an army, though I doubt he mean’s a private army. I believe he only supports an army that is owned and controlled by the public/the citizens.

• A legal system to safeguard internal peace and justice ✗
Adam Smith supports the
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