But in his breakthrough work, An Inquiry Into The Nature And Causes Of The Wealth Of Nations, Smith showed why subsidies, tariffs, monopolies and other government interventions made people poorer.

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Conservative Prime Minister David Cameron is also expected to make a statement to MPs on the nature of an inquiry into the hacking allegations.

BBC: Phone-hacking: US senator calls for News Corp probe

Adam Smith suggested the invisible hand in an otherwise obscure passage in his Inquiry Into the Nature and Causes of the Wealth of Nations in 1776.

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