Adam Smith's Free Market Capitalism

Paper Summary:

An analysis of what stopped Adam Smith's free market capitalism from existing using the socialist and liberal arguments to explain the historical context of governmental and worker advocacy of regulation.

From the Paper:

"Adam Smith's upheld the concept of free market capitalism at a time when the world did not trade in such complex environment. Each state was economically independent of the other. In saying that market capitalism could remain unregulated stem from the fact that at the time governments were too keen on taxing its nations. During the Gold system, a nation depended on the free flow of coinage to be able to trade. A stoppage in the free flow would mean there is hindrance to trade and hence a slump in the economy. On the adverse side if government provides free flow of the coinage system even to "foreigner" then it would mean to cut down barriers to trade and allow foreigners to trade freely with the local market thereby increasing competition to the level that local market would become suffocated. "

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