Question

Use the following quote from Adam Smith to answer the question below:

"It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest."

Source: Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations

Which of the following systems believes that the role of the government is only to promote competition and provide public goods?

Capitalism

Socialism

Communism

Laissez-faire

Answer 1

http://www.google.com/search?q=Which+of+the+following+systems+believes+that+the+role+of+the+government+is+only+to+promote+competition+and+provide+public+goods%3F+&rls=com.microsoft:en-us:IE-ContextMenu&ie=UTF-8&oe=UTF-8&sourceid=ie7&rlz=1I7ADBS_en

Answer 2

Socialism

Answer 3

thank you ! :)

Answer 4

No Problem

Answer 5

How could it possibly have been Socialism? In Socialism the government was directly involved with the labour market and the such. Capitalism, on the other hand, believes in minor government involvement. That minor involvement was exactly what the question is asking. The government is supposed to promote competition by making sure that no company monopolizes a market. The government's role is also to provide the public goods/resources for these companies to carry out their production, etc.

Answer 6

Ikr @Luce also in the 5th link down in the the link @Pyromancer posted, it even says "Capitalism is the system that believes that the role of the government is only to promote competition and provide public goods. Private individuals and ..."

Anyways, the answer is A. Capitalism for all you future FLVS people.