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Transportation of goods and food had become much faster thanks to new railways. The “Great Transformation” is not only a transformation of the economy in general but also a transformation of the markets. The social market (local farmers) changed into a free market that we still recognize now.
2. What is “Laissez-faire”?
The Regime of “Laissez-faire” is the capitalism by companies (ex: Volkswagen). Laissez-faire= free market
3. Who is Adam Smith?
Adam Smith was a Scottish philosopher and a political economist. He was one of the key figures of the intellectual movement known as the Enlightenment...
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