adam smith

What book did he write?

The Wealth of Nations

what did he think of laissez-faire

best policy: least possible interference by state in economic affairs

new industrial system

division of labor

what did he think was wrong with mercantilism

dulled initiaitve

define capitalism

economic system in which capital is owned by individuals and how it is used

why is he considered the father of capitalism

first to describe essentials of capitalism

why is he considered the father of economics

first to present economics as a separate subject

wealth consisted of what

gold and silver

how do maintain a favorable balance of trade

increase exports, decrease imports

what dangers did he see in capitalism

monopolies. keep prices high, wages low

define mercantilism

ruling political/economic policy in Britain in the early 1700s. aimed to increase wealth and power

When did he publish it?

1776