Question

Why did Adam Smith oppose mercantilism? Mercantilism required government regulation of trade. Mercantilism led to the maximum well-being of society. He thought that feudalism was the best economic system. He wanted a return to a traditional economy

Answer 1

Answer:

The mercantilist nations believed that the more gold and silver they acquired, the more wealth they possessed. Smith believed that this economic policy was foolish and actually limited the potential for "real wealth," which he defined as "the annual produce of the land and labor of the society."

Answer 2

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