9/30/11

• Adam Smith's View of Government's Positive Roles in Laissez Faire
• Police and Courts for domestic defense
• National Defense
• Public Works
• Adam Smith's View on Citizens' Rights
• Rights to Property
• Division of Labor
• Exchange is peaceful and mutual
• No special privilege
• Source of Wealth according to Smith
• Production and Exchange
• Prevent certain elements from marketplace
• any attempt to control prices
• unfair taxes(not fair taxes)
• disability to buy what I want when I want from whom I want
• Spontaneous Order
• Ferguson (1767)
• first recent moral philosopher to discuss order
• people want to make their lives easier to get what they want
• Corn Laws
• started early 19th century
• impose sliding taxes on imported corn (grain)
• passed so elites could continue to rake in the money from their inflated corn
• repealed mid 19th century
• Fastest Economic period of Growth
• late 19th century
• England had a far higher manufacturing rate than any country
• This prompted many countries to lower trade barriers
• More capitalist a country, the less important is capital
• Capitalism provides for more opportunities