Reforming the Industrial World

Government should stay out of business and economic affairs.

The economic policy of letting owners of industry and business set working conditions without interference

He wrote the Wealth of Nations in which he said that economic liberty guaranteed economic progress.

An economic system in which the factors of production are privately owned and money is in business ventures to make a profit.

Population tended to increase more rapidly than the food supply.

A permanent underclass would always be poor.

Laissez-faire thinkers supported government efforts to help poor workers

People work for their own good

Competition forces people to make a better product.

Enough goods would be produced at the lowest possible price to meet demand in a market economy.