14 Adam Smith on markets, competition, and violations of natural liberty
Heinz D. Kurz1
Original paper: Heinz D. Kurz (2016) Adam Smith on markets, competition and violations of natural liberty, Cambridge Journal of Economics, 40:2, 615–638, DOI: https://doi.org/10.1093/cje/bev011. Oxford: Oxford University Press, on behalf of the Cambridge Political Economy Society.
14.1 Introduction
Adam Smith advocated a socio-economic system in which large parts of economic life are coordinated via interdependent markets in conditions of free competition. Such a system, he was convinced, favoured ‘equality, liberty and justice’ (WN IV.ix.3) in society and therefore was a good thing. He did not argue, as is often contended, ...
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