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# Economic System Legitimacy

## Definition

The acceptance and recognition of economic arrangements as appropriate and justified by those who participate in and are affected by them, including the social and political support necessary for their effective operation and maintenance.

## Source Chapter

Book IV, Chapter 0

## Context

Smith's discussion of political economy as a science for statesmen and legislators implies the importance of legitimacy and the need for economic arrangements to be accepted and supported by those they affect.

## Economic Domain

General Theory

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