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28 December, 08:17

Explain the theory of capitalism as defined by Adam Smith

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  1. 28 December, 12:06
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    A major difference between Adam Smith's view of economics and that of present-day capitalist theory is that Adam Smith viewed value as a product of labor, and thus operated under the Labor Theory of Value, which was used by basically all economists until the Labor Theory of Value became central to Marxism.
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