Political Science · Political Theory
UGC NET November 2017 Political Science
The essential framework of liberal political economy was provided by
ALocke
BHume
CMontesquieu
DSmith ✓ Correct
Answer: D
Explanation
★The essential framework of liberal political economy was provided by Adam Smith.
★In The Wealth of Nations (1776) Smith argued that, left largely free, markets coordinate themselves as if by an invisible hand.
★Individuals pursuing their own gain are led to promote the wider good, so heavy state interference in the market is unnecessary.
★Smith did not reject the state entirely, since he kept a role for it in defence, justice and certain public works that private effort would not supply.
★This account became the foundation of classical liberal political economy.
★So Adam Smith is the correct answer.
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