In 1776, the famous economist Adam Smith first published his Wealth of Nations. Perhaps the most notable feature of the work is the statement of the doctrine of natural liberty (Smith, 1965). Smith held high that "man's self-interest is God's providence," and also believed that if government abstained from interfering with free competition, the industrial problems would work themselves out (1965). ... Smith further believed that the practical maximum of efficiency would be reached with the free market ideology (1965). The doctrine was further applied to international trade and so Smi...

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