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Adam Smith's economic principles are still valid

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From: The Pantagraph Bloomington, IL
Date: 20021019
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Some 56 years ago, my wife, Helen, gave me a copy of Adam Smith's "Wealth of Nations" - 1776.

Smith's treatise enunciated economic principles of free enterprise and free trade over against the existing mercantilist control of economic activity. Smith's laissez faire principles, when applied, caused financial hardship to industries that had long enjoyed government protection. No wonder that economics - political economy - was called "the dismal science" in academic circles.

To come to the point, the principles advocated by Adam Smith are still valid - "other things being equal."

What ...

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