The Free Market Economy’s Influence on Modern Business

Abstract

Adam Smith’s base economic theory known as the “Invisible Hand” details societal implications on economic interference. While the theory is normally discussed in a historical context when alluding to past market ideologies, its association with modern business practices is not usually held as a valid, significant, or relevant connection. Because the free market economy is inherently affected by interpersonal connections and interactions, it is held that Smith’s key principles have long lasting effects on modern business practices. The success of certain organizations rests in the hands of corporate practices which align with the aforementioned principles.