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Insider Democracy

In: GLOBAL ECONOMIC TURMOIL AND THE PUBLIC GOOD

Author

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  • Steven Rosefielde
  • Daniel Quinn Mills

Abstract

Most of us strive to maximize our productivity and efficiency because in doing so we earn the highest incomes, optimally accumulate wealth and consume over the course of our lives. These good intentions may be thwarted by the market power of corporations or government dictate. Adam Smith showed more than two centuries ago that the losses caused by market power could be mitigated by free competition, and demonstrated that if government were kept in check, competitive markets would augment individual wealth and the wealth of nations. Smith's formula for prosperity was rationality, business competition and responsible government…

Suggested Citation

  • Steven Rosefielde & Daniel Quinn Mills, 2015. "Insider Democracy," World Scientific Book Chapters, in: GLOBAL ECONOMIC TURMOIL AND THE PUBLIC GOOD, chapter 3, pages 37-56, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814590518_0003
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