Who supported the idea of a "Free market" ?
(1) Adam Smith
(2) E Durkheim
(3) K Marx
(4) M.N. Srinivas
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → Adam Smith
NCERT (2025-26): “4.1 Sociological Perspectives on Markets … The most famous of the early political economists was Adam Smith, who in his book, The Wealth of Nations, attempted to understand the market economy that was just emerging at that time. Smith argued that the market economy is made up of a series of individual exchanges or transactions, which automatically create a functioning and ordered system. This happens even though none of the individuals involved in the millions of transactions had intended to create a system.…” “Adam Smith is known as the fountainhead of contemporary economic thought. Smith’s reputation rests on his five-book series ‘The Wealth of Nations’ which explained how rational self-interest in a free-market economy leads to economic well being.” |