The Virtues of Free Markets
37 Pages Posted: 26 Apr 2011
Date Written: April 26, 2011
Free markets have many virtues. Arguably, the most recognized is the expansion of individual choices - and thus freedom - through mutually beneficial exchange (see Bauer's definition of economic development in Dorn 2002: 356). This proposition is at the heart of the enduring impact of Adam Smith's Wealth of Nations ( 1937) which aptly spells out the benefits of the Invisible Hand for citizens and societies.
Suggested Citation: Suggested Citation