Friday, March 21, 2008

A Young College Student Gets it Right

Kelse Moen ‘(a College junior from Sharon, Ma. Due to his strong belief in individual liberty and the free market, he currently serves as attorney general of the Emory College Republicans. He is pursuing a double major in philosophy and political science’) writes an interesting piece, ‘The Iraq Recession’, here:
On The Trail:

As many commentators have already realized, our economy is suffering from what could be called ”the Iraq recession.” Though John McCain claims to hold Ronald Reagan as a role model, he could learn more from the eighteenth century economist Adam Smith. That luminary of intellectual conservatism opposed the British Empire for diverting money from the domestic economy and into the government and military. This led him to support the fledgling American Revolution. Yet the old maxim of peace and commerce with all nations has given way to the imperial mercantilism that Smith despised.’

Another well-written piece (two in one morning!). What a change from my usual task of exposing nonsense about Adam Smith's views.

Be clear, however, I am making no comments on the Republican candidate's alleged need to learn about Adam Smith or whatever. My admiration for Kelse Moen's understanding of Adam Smith's critique of mercantile empires from the diversion of scarce capital away from the domestic economy to protect monopoly trading, which also penalises the domestic consumers from higher prices.

If only more quoters of Adam Smith's writings understood what Wealth Of Nations was mainly about, summairsed in Book IV.


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