Adam Smith, whose book The Wealth of Nations was published in 1776, was the father of modern economics and capitalism. He argued that the free functioning of market forces was the best recipe for a thriving and growing economy. If everyone were as free as possible in pursuing their own personal interest, they would be guided by an invisible hand1 to promote the well-being of society as a whole. Many would agree that corporations made up of people pursuing their own personal interests are the most effective way to increase wealth. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original EssayThere are many reasons why self-interest is the most effective technique for increasing wealth in society. Within a community/society/country, there are two main assemblies, the government and the citizens. Both assemblies play an important role in the market, the government is there to regulate any conflicts, minimize problems and bring social justice to the society, apart from that, they have no place in the market. On the other hand, the main role of citizens in society is to produce as many goods and satisfy the needs and desires of society, in order to increase wealth. As Smith once stated, government should not repress self-interested people, for self-interest is a rich natural source.2 Individuals in society know best what is good for them and that, under the influence of profit, what it will push them to understand what society wants and needs and transform their self-interest into products society wants. Smith's theory influenced many of today's foundations of economics in Western Europe and North American countries. The main reason is very obvious: Smith's main idea, perfect competition and a free market system. An example of a free market country would be Canada. Smith believed in an economy in which competition is the vehicle that pushes competitors to renew their self-interests to remain in the free market, otherwise the invisible hand will eliminate them from the market. Please note: this is just an example. Get a custom article now from our expert writers. Get a Custom Essay A clear sign of succession of Smith's theory of capitalism can be compared to Karl Marx's theory of communism. A capitalist belief is that each individual continually strives to find the most profitable use for whatever capital he may have. According to Adam, every person has the right to the pursuit of happiness and everyone must take it into their own hands to advance in society. Marx disagrees, saying that when a person improves himself, he does not improve but instead endangers society. In Adam's idea of ​​society, each person can do what they want to progress, and each person can pursue happiness in whatever way they think is best. Technology creates new and better ways of doing things, which allows society to grow and become more advanced.