David Ricardo (1772-1823) was one of the most influential economic theorists of the first half of the nineteenth century.
iPhones would never have been created in a centrally planned economy where the government regulates the prices, from CEO pay to those of products.
This escape from poverty originated in Western Europe in the eighteenth and nineteenth centuries with the coming of the Industrial Revolution and the freeing of men and markets from the heavy-handed regulations and commercial restrictions of government.
Free banking money guru George Selgin opines.
The nightmare scenario is that once again tax cuts and deregulation take the blame, allowing Bernie Sanders or a socialist candidate to ride another populist wave, only this one headed far left, into the White House of 2020.
Adam Smith on Free Trade, Crony Capitalism, and the Benefits from Commercial Society: Economic Ideas
Adam Smith’s central contribution to economic understanding was surely his demonstration that under an institutional arrangement of individual liberty, property rights, and voluntary exchange the self-interested conduct of market participants could be shown to be consistent with a general betterment of the human condition.
The war on cash is a sign that central banks may see a dangerously deteriorating situation, one that has led to a feeling of desperation by governments and a wish to control the wealth of citizens.
In The Wealth of Nations, Adam Smith applied Francis Hutcheson’s idea of “natural liberty” in formulating a conception of the meaning of individual freedom and the role and functions of limited government in a free society.