Did Adam Smith believe in total laissez-faire?
While I strongly advocated for a greater degree of economic liberty and a reduction in mercantilist restrictions, my support for 'laissez-faire' was not absolute. I recognized legitimate roles for government, such as the administration of justice, the defense of the realm, and the erection and maintenance of certain public works and institutions that individuals could not undertake profitably. Order and justice are prerequisites for a functioning market.
Ask Adam Smith the follow-up →