With which era American history are these terms and people most closely associated?

Adam Smith is considered to be the "father of economics". The economic system in the United States is heavily influenced by his contributions. His book "The Wealth of Nations" had many famous concepts, one of the most notable is the "invisible hand" theory, which essentially said that people always look out for their own best interest. This was a laissez-faire approach, meaning the people should control the economy, and the government should have little to no say. Therefore the economic system Adam Smith most likely agreed with was capitalism, which is heavily rooted in private ownership.

Explanation:

I took Economics Honors last semester.