Core Principles from The Wealth of Nations
What it says
Free enterprise: self-interest and competition, guided as if by an invisible hand, allocate resources efficiently with limited government regulation of the market.
How the exam uses it
NEW for Fall 2026 (EK 4.1.A.1) — the named source for free enterprise as an American core value.
Live legislation where this document matters (3)
An act to provide for reconciliation pursuant to title II of H. Con. Res. 14.
The bill's tax-cut theory rests on the free-enterprise premise that lower burdens on private activity produce growth.
Digital Asset Market Clarity Act
The bill is a live argument about Smith's question: how much government structure does a functioning market need?
GENIUS Act
Stablecoin regulation is Smith's problem in modern dress: what minimum structure (reserves, redemption rights) does trust in a market instrument require?