weakness of adam smith theory
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Smith reserved his greatest criticism for the British colonial empire. He concluded it was "hurtful to the general interest of society." He focused especially on trade restrictions placed on the colonies in America.
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More factors of production: In the real world, the production of goods are dependent of various factors, such as land, labour, capital and many other factors. Thus, the goods cannot be divided according to their absolute advantage for a country in production basis.
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