adam smith favored an economic system in which
Adam Smith favored an economic system known as capitalism or free market economy. In this system, he advocated for limited government intervention and allowing individuals to freely pursue their self-interest in the pursuit of economic prosperity. According to Smith, individuals acting in their self-interest would result in societies' overall economic well-being and prosperity.
To understand Adam Smith's views on the economic system he favored, you can explore his most influential work, "The Wealth of Nations." This book, published in 1776, lays out his ideas and theories on economics. It is where he explains concepts such as the invisible hand, division of labor, and the importance of competition, among others.
To gain a comprehensive understanding of his ideas, you should read "The Wealth of Nations" and analyze his arguments and reasoning. By doing so, you will delve into Smith's thoughts on the benefits of free markets, individual freedom, and the role of self-interest in economic prosperity. Additionally, researching prominent discussions and critiques of Smith's work will provide a broader perspective on his ideas and their implications.