Influence of Adam Smith
Although no-one is suggesting the specific economic policies of the Reagan and Thatcher governments can be found in a classical text of the late 18th century, can it be denied that the drive to restore free market, nationally and internationally, to deregulate capital, labour and financial markets, to roll back the state, to privatise, cut public expenditure and taxes, is not justified by reference to Adam Smith?
In criticising Adam Smith's views of political economy, Karl Marx said: "The only wheels it sets in motion are greed and the war amongst the greedy - competition."
ELLIS THORPE
Old Chapel Walk
Inverurie, Aberdeenshire