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Adam Smith 1723 - 1790 on the banknote of 20 British Pounds

British Pounds

The British Pound is an official legal tender in the United Kingdom, and in eight other British territories. The most common symbol for the currency is £ (or not so often just L). The symbol comes from the ancient Roman measurement libra that gives the name of the currency. On the front side of every British banknote is printed the portrait of the British Queen. On the back of the banknote of 20 pounds is situated Adam Smith – one of the pioneers of contemporary economics. In his most famous work – The Wealth of Nations (1776) – he stands for the idea that the seemingly chaotic free market is a self-regulating mechanism, supplying the type and quantity of goods and services that are most wanted and needed by society. His arguments against governmental intervention in the economics and in favor of the free trade have had a decisive influence on the policy of many countries throughout XIX Century и ХХ Century.