The American Economy Ordering Economic Liberty In 1776, the same year the founders signed the Declaration of Independence, a Scottish philosopher named Adam Smith published a book called The Wealth of Nations.
This book helped introduce the founders to a new economic philosophy called free enterprise. It presented the notion that individuals pursuing their personal interests would be guided by what he called the invisible hand, and this economic force would unleash personal initiative and creativity, allowing individuals to break free of the economic systems of their time.
The amazing moment of the founding is that the enlightenment had come to its maximum intellectual impact and manifested itself upon the founding generation of the United States. They married the principles of liberty, the dissolution of monarchy, and the freedom of a new economic system nearly simultaneously. It is truly a miracle of converging philosophies and human action.
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