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Quotation of the Day…

… is from page 127 of the 2000 Liberty Fund edition of Frederic William Maitland’s profound 1875 dissertation at Trinity College, Cambridge, A Historical Sketch of Liberty and Equality::

But when all is said, the Wealth of Nations is the first systematic book on what is now called political economy, it is also the first powerful plea for commercial freedom. The difficulty of the work which Smith set himself to do can scarcely be overrated. A society founded on custom had given way to a society founded on competition, but the operations of the new economic force had never been explained.


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