Source: EconLog
by Nathanael Snow
“[Adam Smith] explains the mechanisms that Crown and Parliament in Great Britain used to achieve their goals through intervention into and control over the lives of colonists. Great Britain imposed protections and privileges for a subset of society, foreclosed on the colonists’ right to self governance, and advanced institutions to promote British nationalism. In contrast, Smith and the colonists seek after impartial institutions that govern for the welfare of all, analogous to a market.” (07/30/26)