[durasell]

Smith was what you could call a "conservative." But if you read WON carefully, you'll see he even calls for gov't intervention to smooth out the humps and bumps of capitalism.

[radicalamericannationalist]

I haven't read it but Gertrude Himmelfarb's new book makes that point. It's an interesting fact that today's laissez faire advocates seem to forget.

[Willie Green]

But if you read WON carefully, you'll see he even calls for gov't intervention to smooth out the humps and bumps of capitalism.

Excerpted and condensed from:

Adam Smith: The Wealth of Nations, Book 4, Chapter 2

Of Restraints upon the Importation from Foreign Countries
of such Goods as can be produced at Home

"There seem, however, to be two cases in which it will generally be advantageous to lay some burden upon foreign for the encouragement of domestic industry...

• The first is, when some particular sort of industry is necessary for the defence of the country....

• The second case, in which it will generally be advantageous to lay some burden upon foreign for the encouragement of domestic industry is, when some tax is imposed at home upon the produce of the latter. In this case, it seems reasonable that an equal tax should be imposed upon the like produce of the former....