3/31/26

Earlier this month was the 250th anniversary of Adam Smith’s “Wealth of Nations” that should be required reading in Washington and the White House. Smith argued that a nation’s wealth is derived from its production and flow of goods and services. Mercantilism was in control in England at the time and Government intervention on behalf of the merchant class, as it does today, led to cronyism, and trade protectionism such as tariffs hurt consumers by limiting their purchase options and increasing prices.