Cultural Revolution
Section 1: New Ideas
- A group of thinkers called the British classical school, led by the Scottish economist Adam Smith, gave the laissez-faire principle its fullest explanation and defense between the 1770's and the 1840's.
- Their support came at a time when laissez faire suited the needs of a rapidly developing industrial economy. The classical economists started from the assumption that individuals are motivated by self-interest. They maintained that people serve their own interests best when they provide the goods and services most wanted by others. Individuals…
