Refer to the passage. "It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest. We address ourselves, not to their humanity, but to their self-love, and never talk to them of our own necessities, but of their advantages. Nobody but a beggar chooses to depend chiefly upon the benevolence of his fellow-citizens. Even a beggar does not depend upon it entirely.”

Excerpt from An Inquiry into the Nature and Causes of the Wealth of Nations, an economic treatise written by Adam Smith in 1776

The views expressed in the passage are reflected in which of the following economic developments in Europe and America between 1750 and 1900?

The growth of an agrarian economy to sustain the basic needs of the population
The evolution of a free-market economy with industrialization and expanded trade
The establishment of merchant banking to invest in projects by qualified individuals
The development of democratic socialism and welfare to counter the interests of wealthy elites