Free Republic
Browse · Search
News/Activism
Topics · Post Article

To: central_va
The founding fathers rejected every tenant of Adam Smith's BS theory. Thank God.

Not so. Adam Smith and Keynes are direct opposites in economic theory.

Smith's Wealth of Nations has been the foundation of real free market economic principles for this nation from its founding, and for others that have followed our lead. McKinley, Coolidge, Reagan, and soon Trump, are the only Republican presidents of the past 120 years to favor Adam Smith's economic model of free market capitalism. Smith advocated minimal government intervention in the internal economy (which our founders implemented). Smith identified four essential government functions in a free market economy, which our founders implemented. None of the economic chaos we've seen in our lives is due to Adam Smith's recommendations. It is due to Keynes and Ricardo.

Keynes, the darling of the left, advocated massive government spending (FDR type) and massive taxes (also FDR style) to keep the economy dragging along, and to keep the people in line.

The Republican progressives (Hoover types and modern neo-cons) adopted a Ricardo model, a proven failure in the UK and Europe, and now a proven failure in the USA. Ike didn't have much of an economic policy, with his policies being driven mostly by the needs of post-war reconstruction.

33 posted on 05/20/2016 11:19:28 AM PDT by meadsjn
[ Post Reply | Private Reply | To 29 | View Replies ]


To: meadsjn
Smith's Wealth of Nations has been the foundation of real free market economic principles for this nation from its founding,

Fail. Complete poppy cock. The USA first law was tariff Act signed by President Washington in 1789. The USA was a protectionist nation until 1913 when progressives gave us the income tax. You have it so wrong.

37 posted on 05/21/2016 3:31:45 AM PDT by central_va (I won't be reconstructed and I do not give a damn.)
[ Post Reply | Private Reply | To 33 | View Replies ]

Free Republic
Browse · Search
News/Activism
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson