#1 Classical Liberal Economics (5 points) a. Explain in your own words Adam Smith's Classical Liberal Economics concepts of free trade, free markets, "the invisible hand" at the market place, the laws of supply and demand and the proper role of government in the market/economy. b. Why was this Classical Free Trade theory(Smith, 1776) considered revolutionary at the time it was adopted in the context of the practice of "Mercantilism"? Explain this in its historical context

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ANSWER a Adam Smiths Classical Liberal Economics concepts revolve around the principles of free trade free markets the invisible hand the laws of supply and demand and the proper role of government in ... View the full answer