Thursday, August 20, 2015
RE ADAM SMITH 1776 THE WEALTH OF NATIONS
If one analyzes the transformations in the nature of world trade, before and around 1840, from luxuries to bulk commodities including staples, say, discussions in works like Power and Plenty showing this long term trend still unseen at that time, Smith's concepts, comparative advantage, the unseen hand, free markets, etc., were actually already almost obsolete, even in 1776, based on what had already started to happen, including the industrial revolution, on the ground.
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