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Of Strawberries and Buttons

In: Adam Smith’s Lost Legacy

Author

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  • Gavin Kennedy

Abstract

Smith’s political economy is a study in contrast. A natural mechanism, operating under impartial competition and the total absence of monopoly, in the long run produces opulence beneficial to all mankind.1 In contrast, imperfect people populate a real world, where private monopolistic interests interfere in the natural order to produce above-optimal results for themselves and sub-optimal results for customers. Essentially, the contrast between what an economy could be and what it was in practice, informed his critique of a commercial society lumbered with the policy distortions of mercantile politics and the spirit of monopoly.

Suggested Citation

  • Gavin Kennedy, 2005. "Of Strawberries and Buttons," Palgrave Macmillan Books, in: Adam Smith’s Lost Legacy, chapter 46, pages 188-193, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-51119-4_46
    DOI: 10.1057/9780230511194_46
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