Adam Smith

ountry that was once the workshop of the world. We need to rediscover that latent gift and instinct, but it would be insane to ignore the insights of Adam Smith and David Ricardo. We need secure supply chains — but we should still rely on the laws of comparative advantage and the invisible hand of the market.

oping universal, more effective and better-quality public service systems that would benefit, as a right, those who have traditionally been excluded. Adam Smith, the father of economic liberalism, included in his definition of poverty such social and cultural aspects as “the ability to go about without shame”

ment model. This is hardly surprising; after all, the model was built with the interests of corporate capital in mind. Clearly, the classic recipe of Adam Smith does not work in a modern world. Contrary to general expectations, the invisible hand of the market has not led to universal public well-being. The e

ossible. The goal must be to establish an environment where the private sector can flourish, for the private sector is the engine of growth. In 1755, Adam Smith famously remarked that for prosperity “Little else is requisite ... but peace, easy taxes, and tolerable administration of justice”. This is still a

f prosperity, with the advent of the recession, it was Bobbes's predatory jungle which began to reign rather than the harmonious, fruitful anarchy of Adam Smith. The indebtedness of Latin America is no longer merely a regional problem, given the extent of its impact on the stability of the financial mechanism

makes us think back to a description in the work Inquiry into the Nature and Causes of the Wealth of Nations written in 1776 by the British economist Adam Smith. It shows the consequences of the discovery of the New World, which gave rise to an opening up of markets "Signed at Washington, D.C. on 27 December