In his book Wealth of Nations, Scottish economist Adam Smith argued that society's interests are best served by a private enterprise system in which individual entrepreneurs seek their own self-interest versus other types of economic systems. He felt that competition was a better way to regulate business than government planning and control. How well has Smith's theory been proven to work in our country? Provide an example of how self-interest can also work for the benefit of all. Provide an example in which self-interest without government regulation can be a problem. Provide an example that illustrates how the United States has combined socialism with capitalism.
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