It is in the nature of modern debates about the role (and extent) of government intervention that the contending extremes (laissez faire versus socialist — though in unhelpful confusion we now have laissez faire socialists and anarchists from the left and laissez faire libertarian neo-conservatives from the right!) treat any leaning to one side or the other as an endorsement or vilification of their ideas. Therefore it is not sensible to leave aside Smith’s recognition of the manifest failures of government and its agencies to perform the roles they assumed in the 18th century.
KeywordsExpense Toll Lost Monopoly
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