Classical economics: Smith the prophet of laissez-faire1
The Wealth of Nations is a stupendous palace erected upon the granite of self-interest.2
After all, in a book [WN] which has been regarded as the locus classicus of the laissez-faire ideology for 200 years, a book which shook the world by recommending a maximum degree of freedom for business enterprise — in such a book surely the entrepreneur would play a major role.3
The capitalist division of labour which in Smith’s treatment is used interchangeably with the word ‘commerce’, is a necessary condition for such progress.4
The term ‘laissez-faire’ also provides a means of understanding an important aspect of the complex and detailed account of the commercialisation of Western society that we find in the Wealth of Nations.…
KeywordsNobel Prize Winner Capitalist Class Modern Interpretation Fundamental Error True Teaching
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