Adam Smith’s “The Wealth of Nations” Turns 250 + Free Markets Face Off Against Industrial Policy
On the 250th anniversary of Adam Smith’s The Wealth of Nations, this episode revisits a book that laid the foundations of modern economics and then considers the tensions between free markets and industrial policy today. It highlights the ways in which specialization and global trade remain powerful drivers of prosperity, reflecting Smith’s insight that self-interest can benefit society when shaped by competition and institutions, while noting the ongoing relevance of his warnings about moral judgment, the rule of law, and resistance to cronyism.
Hosts:
Sebastian Mallaby, Paul A. Volcker…
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