He takes the view that modern capital is based on recorded property. While the Recorder's Office is probably the dullest of all gov't offices, it is vital to modern commerce. The very instant Adam Smith's Wealth came off the presses it was obsolete because that is when the gov't recorder's office finally got in gear in the US. Recording of property made it available as collateral to the funding institutions and let capital operate at a new, much higher level.
not fundamental enough.