Quotation of the Day…

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… is from pages 153-154 of the 2023 CL Press edition of John Rae’s 1895 Life of Adam Smith [footnote deleted]:

Now this journey to London in 1761 is memorable because it constituted the economic “road to Damascus” for a future Prime Minister of England. It was during this journey, I believe, that Smith had Lord Shelburne for his travelling companion, and converted the young statesman to free trade. In 1795 Shelburne (then become Marquis of Lansdowne) writes Dugald Stewart: “I owe to a journey I made with Mr. Smith from Edinburgh to London the difference between light and darkness through the best part of my life. The novelty of his principles, added to my youth and prejudices, made me unable to comprehend them at the time, but he urged them with so much benevolence, as well as eloquence, that they took a certain hold which, though it did not develop itself so as to arrive at full conviction for some few years after, I can truly say has constituted ever since the happiness of my life, as well as the source of any little consideration I may have enjoyed in it.”

Shelburne was the first English statesman, except perhaps Burke, who grasped and advocated free trade as broad political principle.

DBx: I share this passage as further proof that Adam Smith, despite protectionists’ many attempts to kidnap him into their ranks, was an ardent proponent of free trade.

(Note: Pedants might point out that both Burke and Shelburne were Irish, not English. Doesn’t matter; Rae’s point stands.)