Free Enterprise, Theory, Economic Theory 

`The most noted figure in the history of economic thought is, of course, Adam Smith. Captured in recent times by free-market ideologues who have never read his work, he is also the most misunderstood. This is a fine treatment of this wise, wonderful, literate and intensely pragmatic scholar.'- John Kenneth Galbraith, Harvard University, US `Adam Smith is frequently hailed as an early advocate of free enterprise, an enemy of government and a spokesman of the industrial bourgeoisie. In this fascinating book however, Spencer Pack argues that Smith's position on the role of the state in a capitalist society was not so different from that of a modern 20th century liberal (in the American sense of that term). Here is a surprising thesis that will make readers think again not just about Adam Smith but also about capitalism and government intervention under capitalism. This is a book that will appeal to an intelligent layman just as much as to professional economists.' - Mark Blaug, University of London and University of Buckingham, UK This powerful and thoroughly documented book overturns many long-held beliefs about Adam Smith. Spencer Pack demonstrates that contrary to popular myth, Adam Smith was not a dogmatic defender of laissez-faire capitalism and neither was he in favor of regressive taxation. The book stresses for the first time the many qualms and problems - indeed the profound ambiguity - which Adam Smith felt toward the capitalist system. - from Amzon