he activities of the state described in the passage are consistent with which of the following economic policies A) minimum wage laws for unionized workers B) capitalism, laissez-faire (hands off) economic policies C) socialism and the use of social welfare systems D) communism and social equality
he activities of the state described in the passage are consistent with which of the following economic policies A) minimum wage laws for unionized workers B) capitalism, laissez-faire (hands off) economic policies C) socialism and the use of social welfare systems D) communism and social equality
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The activities of the state described in the passage are consistent with which of the following economic policies
A) minimum wage laws for unionized workers
B) capitalism, laissez-faire (hands off) economic policies
C) socialism and the use of social welfare systems
D) communism and social equality
Transcribed Image Text:"That system of laws, therefore, which is connected with the establishment of the
bounty, seems to deserve no part of the praise which has been bestowed upon it. The
improvement and prosperity of Great Britain, which has been so often ascribed to those
laws, may very easily be accounted for by other causes. That security which the laws in
Great Britain give to every man that he shall enjoy the fruits of his own labour is alone
sufficient to make any country flourish, notwithstanding these and twenty other absurd
regulations of commerce; and this security was perfected by the revolution much about
the same time that the bounty was established. The natural effort of every individual to
better his own condition, when suffered to exert itself with freedom and security is so
powerful a principle that it is alone, and without any assistance, not only capable of
carrying on the society to wealth and prosperity, but of surmounting a hundred
impertinent obstructions with which the folly of human laws too often encumbers its
operations; though the effect of these obstructions is always more or less either to
encroach upon its-freedom, or to diminish its security. In Great Britain industry is
perfectly secure; and though it is far from being perfectly free, it is as free or freer than
in any other part of Europe."
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