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Quotation of the Day…

…  is from Book II, Chapter 2 – on page 329, Vol. 1, of the 1981 Liberty Fund edition – of Adam Smith’s 1776 An Inquiry Into the Nature and Causes of the Wealth of Nations:

This free competition too obliges all bankers to be more liberal in their dealings with their customers, lest their rivals should carry them away.  In general, if any branch of trade, or any division of labour, be advantageous to the publick, the freer and more general the competition, it will always be more so.