The concept of the ______________ refers to the ideological belief that, if left to its own devices and kept free of government interference, the marketplace will control and regulate itself and ensure prosperity for all:
The invisible hand is a concept by Englishman Adam Smith as he argues that free markets are the main cause of welfare among the nations he observes as rich. He states that the decisions are taken under competition and the free market will be motivated by self-interest and will ultimately promote social interest . When industries and consumers and producers want to maximize their profits they will inevitably improve the society-s general well being.
