Describe what adam smith meant by the " invisible hand " How exactly does it function ? 2. Describe how Smith's work is a reaction to mercantilism, which dominated the seventeenth and eighteeth Centuries . As a point of departure , define mercantilism 3 . Discuss if all igan century thinkers agree with smith, How did , For instance , Karl marx view the doctrine of laissez - faire ? what were the inevitable consequences of such an economic system ? 4 Discuss the influences of Smith and his Critic, like Marx, reflected in the mixed economy of the United states today