Coincident with the celebration of the 250th anniversary of the signing of the American Declaration of Independence is the 250th anniversary of the publication of The Wealth of Nations.

The full title of Scotsman Adam Smith’s book, published in 1776, is An Inquiry into the Nature and Causes of the Wealth of Nations.

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One might say that in that one year, 250 years ago, the American Declaration of Independence provided the road map for political freedom and Adam Smith’s book provided the road map for economic freedom.

The result was a great new achievement in the history of human potential called the United States of America.

Smith was the first to systematically articulate that free markets, individuals left free to pursue their interests, with law protecting life and property, produce the most prosperous society for all.

Rather than government deciding who should do what, an “invisible hand” guiding markets maximizes the opportunity........

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