Adam Smith was right. Free markets are moral
Monday is the 250th anniversary of Adam Smith’s Wealth of Nations. Smith is probably the best-known and least-read economist, which explains why he is so often misunderstood. For example, if you google “Father of Capitalism,” Smith’s name pops up, but neither his Wealth of Nations nor The Theory of Moral Sentiments uses the word “capitalism.” He did not preach the...