Source: Independent Institute
by Jack Estill
“Smith notes that the lords, who at one time used their excess agricultural wealth to keep a multitude of knights and retainers, began to spend instead on consumption goods. Eventually, these goods became so important that the nobles had to cut their lavish lifestyles and reduce their retainers. Traders no longer relied only on the local lord, and the barons found it advantageous to shop around. The old personal feudal bonds, in this way, were slowly transformed into public, pecuniary ones. The feudal institutions were being slowly dismantled by the nobles themselves without any intention to do so on their part. For Smith, this commercial success had an additional consequence. The innovations from the broadened market spilled over into agriculture in three ways.” (07/30/26)
https://www.independent.org/article/2026/07/30/adam-smith-can-still-teach/