ADAM SMITH'S PLACE IN CONTEMPORARY ECONOMY

Paul Nichita Cuc, Calin Bite, Lavinia Denisia Cuc

Abstract


One of the most important ideas developed over time in a liberal economic doctrine is that competitive markets which, only partially, not in an absolute way, enjoy a low degree of regulation, do a better work in the allocation of resources than in the situations in which the governments or the governing or regulatory bodies also play a major role in this process. This idea first appeared to Adam Smith in his classic book "The Wealth of Nations". However, it should be mentioned that we will talk about a system that has dominated the history of major world economies, such as the US, France, Japan, the United Kingdom and so on.

 


Keywords


economy; market; capitalism; environment

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References


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Copyright (c) 2019 Paul Nichita Cuc, Calin Bite, Lavinia Denisia Cuc

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LUCRĂRI ȘTIINȚIFICE MANAGEMENT AGRICOL

ISSN print 1453-1410
ISSN online 2069-2307
(former ISSN 1453-1410, E-ISSN 2069-2307)

PUBLISHER: AGROPRINT Timisoara, Romania
PAPER ACCESS: Full text articles available for free
FREQUENCY: Annual
PUBLICATION LANGUAGE: English

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Banat's University of Agricultural Sciences and Veterinary Medicine "King Michael I of Romania" from Timisoara
Faculty of Agricultural Management
300645, Timisoara, Calea Aradului 119, Romania

E-mail: tabitaadamov2003 [at] yahoo.com
Phone: +40-256-277439, Fax.: +40-256-277031