What is meant by the term "industrious revolution?" What role did merchant guilds play in the urban economy? Why did Adam Smith and other economists of the era think that guilds were obstacles to progress and innovation? In your education opinion, and based on your research, what makes Smith's view revolutionary for the time? Did the older guild system represent more economic freedom for women, or was Smith's free market economy system more liberating?
What is meant by the term "industrious revolution?" What role did merchant guilds play in the urban economy? Why did Adam Smith and other economists of the era think that guilds were obstacles to progress and innovation? In your education opinion, and based on your research, what makes Smith's view revolutionary for the time? Did the older guild system represent more economic freedom for women, or was Smith's free market economy system more liberating?
Related questions
Question
What is meant by the term "industrious revolution?" What role did merchant guilds play in the urban economy? Why did Adam Smith and other economists of the era think that guilds were obstacles to progress and innovation? In your education opinion, and based on your research, what makes Smith's view revolutionary for the time? Did the older guild system represent more economic freedom for women, or was Smith's free market economy system more liberating?
Expert Solution
Step 1
Adam Smith was a pioneering political economist of the Scottish Enlightenment era. He is renowned for his book "Wealth of the Nation", published in the year 1776, and is also credited to be the father of contemporary economics. He argued that wealth can only be attained through productive labor and through encouraging self-interest amongst the laborers. they can be motivated to give their best.
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
