In a purely free society each

This problem has been solved! You'll get a detailed solution from a subject matter expert that helps you learn core concepts. See Answer See Answer See Answer done loading Question:2. Adam Smith, in his The Wealth of Nations, argues that for each member of a (theoretically pure) free-market society to pursue his/her own economic self- interest is, ultimately, to promote the welfare of the society. According to Smith, each person's pursuit of self-interest results in a societal "division of labor" the consequence of which is a healthy 2. Adam Smith, in his The Wealth of Nations, argues that for each member of a (theoretically pure) free-market society to pursue his/her own economic self- interest is, ultimately, to promote the welfare of the society. According to Smith, each person's pursuit of self-interest results in a societal "division of labor" the consequence of which is a healthy free-market economic atmosphere of competition, which leads, ultimately, to high quality products at reasonably low prices. Explain in detail Smith's argument. Previous question Next question

At first it might seem strange to ask what virtues citizens need in a free society. If citizens should be free, should we be concerned that they possess particular virtues? Is it appropriate for government to be concerned about character formation in free society? For the Founders the question was not strange. They thought that preserving freedom through self-governing institutions required that citizens have certain virtues. However, they did not believe that government would be primarily responsible for inculcating those virtues. Government depends on these virtues. In Federalist No. 55, James Madison says that while “there is a degree of depravity in mankind which requires a certain degree of circumspection and distrust, so there are other qualities in human nature which justify a certain portion of esteem and confidence.” America’s republican form of government “presupposes the existence of these qualities in a higher degree than any other form” (James Madison, Federalist No. 55, 1788). While government depended on these virtues, they would primarily develop through private institutions. Government could play some role in encouraging these qualities, particularly through education, the habits necessary for preserving liberty would be inculcated through churches, civic associations, and families. What virtues do citizens need? While not comprehensive, at a minimum free societies need citizens to possess courage and boldness, independence and self-reliance, prudence and ...

W hen the government of China tells people they can read state-run newspapers but not print and distribute Bibles, imprisoning and torturing dissenters; or have one child but not two, forcing women to have abortions; or watch state-run television but not listen to Radio Free Asia, jamming broadcast signals and threatening students--that is not freedom. But the absence of centralized state control is not necessarily freedom, either. The people of Beirut are not free. Neither are the people of Medellin and Cartagena, the drug capitals of Colombia. Freedom is not anarchy, chaos, and mayhem. The freedom to "let soulless forces operate," as the great classical liberal economist Ludwig von Mises termed it, is actually tyranny in another guise. So what is freedom? How can a widely pluralistic society sustain freedom without degenerating into chaos? What is the moral basis of a free society? Today the citizens and leaders of every nation are looking to America for answers to these questions. From Mexico City to Moscow, from Johannesburg to Jerusalem, from Bombay to Beijing, people have an eye on America as they struggle to make the exciting but difficult transition to free markets, free elections, free speech, and free worship. No nation, after all, has ever enjoyed the status that America does today. The greatest empires of history were but regional affairs. Today, America is truly the world’s only superpower. Yet our strength comes not just from the might of our economy or the b...

Invest In Our Future The most effective way to secure a freer America with more opportunity for all is through engaging, educating, and empowering our youth. And the most effective way to achieve that is through investing in The Bill of Rights Institute. We contribute to teachers and students by providing valuable resources, tools, and experiences that promote civic engagement through a historical framework. You can be a part of this exciting work by making a donation to The Bill of Rights Institute today! Have you ever heard the phrase, “you can buy almost anything online!”? It stands as a simple reminder that everything, in some capacity, will be owned. An economic system is the way society determines who will own things and how that ownership will be decided. All societies must answer three questions. The answers they select determine what type of economy, or economic system, the society primarily has a command or market economy. The three questions are: • What should we produce? • How should we produce? • For whom should we produce? A free market system answers the questions in the following way: • BUYERS decide what will be produced. • SELLERS decide how to produce. • MONEY determines who gets the goods and services. As buyers purchase goods and services, they signal to the producers what ought to be made. If people want to wear pants with farm animal designs, they buy them. Producers have to be observant to anticipate demand. As they see that the stock of cow pants i...