The Medlock Post Ep. 23: Capitalism and Freedom

Fifteenth Principle: The highest level of prosperity occurs when there is a free-market economy and a minimum of government regulations.

The Founders were fascinated with the possibility of setting up a political and social structure based on natural law, but what about economics? Were there natural laws for the marketplace?  A tome of five books on the subject was published just in the nick of time which gave them the answer. It came out in 1776 and was called The Wealth of Nations. It was written by a college professor in Scotland named Adam Smith.  This brilliant work is not easy reading, but it became the watershed between mercantilism and the doctrines of free-market economics. It fitted into the thinking and experiences of the Founders like a hand in a glove. Thomas Jefferson wrote: “In political economy, I think Smith’s Wealth of Nations the best book extant.”