Question

Who was the 18th century Scottish philosopher who developed economic ideas associated with capitalism and classical liberalism?

1) Adam Smith
2) John Locke
3) Karl Marx
4) David Hume

Answer 1

Adam Smith, known as 'The Father of Capitalism,' developed economic ideas foundational to capitalism and classical liberalism, including the division of labor, laissez-faire economics, and the invisible hand theory in his work, The Wealth of Nations.

Step-by-step explanation:

The 18th century Scottish philosopher who developed economic ideas associated with capitalism and classical liberalism was Adam Smith. Adam Smith is often referred to as "The Father of Capitalism" due to his significant contributions to the field of economics. In his masterpiece, The Wealth of Nations, Smith introduced vital capitalist ideas such as the importance of the division of labor, the principle of laissez-faire, and the concept of the 'invisible hand'. The invisible hand suggests that the free market, through mutual self-interest, helps maintain the balance of supply and demand without government intervention. Adam Smith's work laid the groundwork for modern economics and the free enterprise system that many countries, including the United States, currently employ.