Adam Smith, the Scottish economist often referred to as “The Father of Capitalism,” warned against state interference in financial matters. Still, Smith greatly admired Jean-Baptiste Colbert, the accountant for French King Louis XIV (who was far from a capitalist). What did Smith admire about Colbert, and why? Also, Colbert was known to use accounting as a political weapon. How did Colbert do this? Why did he do it, and what were the results?

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Adam smith who has been a staunch opponent of government interference in economic matters says gover... View the full answer