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In 1776, Adam Smith wrote the book “Inquiry into the Nature and Causes of the Wealth of Nations,” which became the foundation of modern economics. Smith hated government controls on goods because they appeared to favor state owned enterprises and proposed free competition instead because it would give more fair prices and allow people to make a profit. He believed that the pursuit of self interest would maintain harmony between the seller and the consumer and that progressive progress would be made. Self interest was the invisible hand that disciplined greedy individuals and provided the means to a wealthier population. Smith’s ideas led to economic liberalism and unregulated capitalism. McKay, John P, et al. __A History of Western Societies__. Boston, Massachusetts. Houghton Mifflin Company, 2003.
 * __Adam Smith__**