Define the economy system

Reference no: EM131484754

Question: For Adam Smith, the capitalist market system can yield considerable benefits to both consumers and producers if two basic assumptions about the economic system are satisfied.

a Explain these two conditions and why both are required if a "harmony of interests" among producers and consumers is to prevail.

b Is it reasonable to presume that both of these conditions exist in most of the lessdeveloped nations?

c If one or both of the stipulations upon which Smith's conclusion of a harmony of interests among consumers and producers in capitalist society is absent, what might be the effects on society and different groups of the unregulated operation of the market system? Who would be likely to gain? To lose?

Reference no: EM131484754

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