Quotation of the Day…

Tweet

… is from pages 12-13 of the late E.G. West’s 1976 book, Adam Smith: The Man and His Works:

It was not only the American and French political revolutions, but also the revolution in commercial and economic thinking which put an end to the remnants of medieval society. Smith’s contribution to this thinking was decisive. His treatise of 1776 struck a mighty blow at the trade walls which had been erected around the nation states of Europe by the traditional protectionist or mercantilist politicians. In particular, the belief of many of the latter that one nation could become richer one if a rival became poorer was subjected o an especially devastating assault.