Smith -...

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Smith’s advocacy of this laissez-faire (“hands-off”) economics, as it came to be called,  was revolutionary at the time. Simply put, Smith insisted that it is when individuals are  most unburdened by trade regulation that they will be most prosperous, because a free  system will allow the “invisible hand” of the economy to operate. Smith’s ideas in  Wealth  of Nations  had enormous influence on the Western world and established economics as  a science. Numerous modern nations, most notably the United States, implemented  Smith’s policies and benefited from considerable economic growth. The state of European law in the eighteenth century was chaotic, as laws were not  always written down and court rulings and sentences were often arbitrary and unfair.  Aristocratic privilege and religious affiliation provided safeguards against prosecution,  while speaking out against either of those institutions was a sure way to 
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This note was uploaded on 12/12/2011 for the course HIST 1320 taught by Professor Murphy during the Fall '08 term at Texas State.

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Smith -...

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