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Instead of being controlled by government , business , and industry , Smith argued , people should be allowed to operate as they wish and keep the proceeds of their work . Competition would ensure that prices remained low and faulty goods disappeared from the market . In this way , businesses would reap profits , consumers would have their needs satisfied , and society as a whole would prosper . Smith discussed these ideas , which formed the basis for industrial capitalism , in his book The Wealth of Nations , which was published in 1776 , the same year that the Declaration of Independence was written . Representative government and capitalism developed together in the United States , and many Americans tend to equate democracy , a political system in which people govern themselves , with capitalism .
Please check all the words that can be used instead of the target word in the same context. Note that the morphology of the target (third person singular, past tense etc.) is considered to be applied to the candidate automatically in the process of paraphrasing.