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Quotation of the Day…

… is from page 230 of my colleague Larry White’s excellent 2012 volume, The Clash of Economic Ideas (original emphases):

The free-market or classical liberal position supported by spontaneous-order theory is sometimes labeled “conservative.”  But this label is misapplied, if conservative means “defending the status quo.”  Adam Smith was a leading critic of the status quo policy system in his day, mercantilism.