The Overlooked Liberty
Merchants have no country. The mere spot they stand on does not constitute so strong an attachement as that from which they draw gains. [Thomas Jefferson - March 1814]
As the United State's Independence Day draws near, it would be appropriate to explain a very important interpretation about the above statement. Thomas Jefferson and Adam Smith [Author of the Book "Wealth of Nations"] support this testimonial, proving that an absolute market economy and personal liberty are two interchangable ideas.
Only a few months before July 4, 1776, Scotland's Adam Smith released his now famous book, "Wealth Of Nations." This March 1776 book release kicked off the idea of promoting the economic concept of a Free Market.
During this time, European monarchies [including Britain's], absolutely controlled the market place with unfair taxation, promoting international tariffs, and not allowing the common folk to own private property.
In a nutshell, bits and pieces of Smith's book advocated that free international trade was the only way to conduct a foreign policy. Furthermore, a 100% economic laissez faire policy should be implemented by any government. Smith beleived that by any government interfering in any economic decision making activity would create artificial barriers.
Additionally, Smith beleived in the concept of private property, which the colonists passionately wrote for, and eventually was one reason to fight the British over. Without the concept of private property, an almost non-existant pratice amongst many European countries during the 1700's, there would simply not be any personal liberty.
On July 4, 1776, The Declaration Of Independence was proclaimed for the entire world, especially the British government to hear. Include in this most important document was many of the same themes included in the "Wealth Of Nations." In a round about way, the Declaration included the concept of Free Markets, while directly promoting limited government roles and personal liberties.
It is the highest impertinence and presumption, therefore, in kings and ministers, to pretend to watch over the economy of private people, and to restrain their expense... They are themselves always, and without any exception, the greatest spendthrifts in the society. Let them look well after their own expense, and they may safely trust private people with theirs. If their own extravagance does not ruin the state, that of their subjects never will. [Adam Smith - "Wealth of Nations"]
http://www.angelfire.com/mo3/newsjunkie/libertarian.html
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As the United State's Independence Day draws near, it would be appropriate to explain a very important interpretation about the above statement. Thomas Jefferson and Adam Smith [Author of the Book "Wealth of Nations"] support this testimonial, proving that an absolute market economy and personal liberty are two interchangable ideas.
Only a few months before July 4, 1776, Scotland's Adam Smith released his now famous book, "Wealth Of Nations." This March 1776 book release kicked off the idea of promoting the economic concept of a Free Market.
During this time, European monarchies [including Britain's], absolutely controlled the market place with unfair taxation, promoting international tariffs, and not allowing the common folk to own private property.
In a nutshell, bits and pieces of Smith's book advocated that free international trade was the only way to conduct a foreign policy. Furthermore, a 100% economic laissez faire policy should be implemented by any government. Smith beleived that by any government interfering in any economic decision making activity would create artificial barriers.
Additionally, Smith beleived in the concept of private property, which the colonists passionately wrote for, and eventually was one reason to fight the British over. Without the concept of private property, an almost non-existant pratice amongst many European countries during the 1700's, there would simply not be any personal liberty.
On July 4, 1776, The Declaration Of Independence was proclaimed for the entire world, especially the British government to hear. Include in this most important document was many of the same themes included in the "Wealth Of Nations." In a round about way, the Declaration included the concept of Free Markets, while directly promoting limited government roles and personal liberties.
It is the highest impertinence and presumption, therefore, in kings and ministers, to pretend to watch over the economy of private people, and to restrain their expense... They are themselves always, and without any exception, the greatest spendthrifts in the society. Let them look well after their own expense, and they may safely trust private people with theirs. If their own extravagance does not ruin the state, that of their subjects never will. [Adam Smith - "Wealth of Nations"]
http://www.angelfire.com/mo3/newsjunkie/libertarian.html
[home]
Labels: Adam Smith, Declaration Of Independence, Thomas Jefferson, Wealth of Nations
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