Answer:
Step-by-step explanation:
Adam Smith, often referred to as the father of modern economics, believed in the principle of free trade, which involves allowing goods and services to be traded between countries without restrictions such as tariffs or quotas. In Smith's view, free trade led to increased competition, innovation, and economic growth.
Smith believed that the role of government in free trade should be limited. He argued that the government should not interfere in the market by imposing tariffs, subsidies, or other barriers to trade. Instead, the government's primary role should be to provide the necessary infrastructure for trade to take place, such as building roads, ports, and other transportation networks.
Smith also believed that the government should protect property rights, enforce contracts, and maintain a stable currency. This would help to ensure that individuals and businesses could engage in trade with confidence and security.
Overall, Smith believed that free trade would benefit all nations by allowing them to specialize in what they do best and trade with other countries for goods and services they cannot produce as efficiently. He believed that the government should support this process by creating an environment of economic freedom and stability, rather than by imposing protectionist measures or trying to manage trade flows.
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