Keynes and State intervention in national economies are back
In his book “The Wealth of Nations” (1776), Adam Smith reasoned that the state had three duties – defense of the country against invaders; maintenance of justice to prevent inhabitants from oppressing one another; and maintenance of certain public works like roads and support to elementary education. The state should not interfere in the workings of the economy. Adam Smith rejected economic regulation which should be left to the market forces.