Adam Smith's ideas serve as the basis for what type of economic system? Socialism Communism a command economy Capitalism
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Adam Smith's ideas serve as the basis for the economic system known as Capitalism. He is often referred to as the "father of modern economics," and his seminal work, "The Wealth of Nations," lays out the concept of the free market economy, which is a key component of capitalist ideology. In a capitalist system, individual rights and ownership of property are central, and the prices for goods and services are typically determined through the forces of supply and demand in a free market, rather than by a central authority.