Exploring Alternative Economic Theories

Adam Smith's book, The Wealth of Nations, introduced the idea that individuals pursuing their own self-interest could inadvertently serve the common good, and he advocated for free trade.

Karl Marx and Friedrich Engels argued that history was driven by conflict between workers and property owners, leading to a stateless, classless system called communism.

John Maynard Keynes challenged classical economics by arguing that market economies don't self-correct quickly and that government intervention through monetary and fiscal policy is sometimes necessary to increase output and decrease unemployment.