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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.” Adam Smith’s Free-enterprise Economics Tried First in America. Other writers in Europe, such as the Physiocrats in France, were advocating a free-market economy, but nowhere on earth were these principles being practiced by any nation of size or consequence. Therefore, the United States was the first people to undertake the structuring of a whole national economy on the basis of natural law and the free-market concept described by Adam Smith. Among other things, this formula called for the following:
1. Specialized production—let each person or corporation persons do what they do best.
2. Exchange of goods takes place in a free-market environment without governmental interference in production, prices, or wages.
3. The free market provides the needs of the people on the basis of supply and demand, with no government imposed monopolies.
4. Prices are regulated by competition on the basis of supply and demand.
5. Profits are looked upon as the means by which production of goods and services is made worthwhile.
6. Competition is looked upon as the means by which quality is improved, quantity is increased, and prices are reduced.
The Four Laws of Economic Freedom Prosperity also depends on a climate of wholesome stimulation protected by law.
Excerpt from the Five Thousand Year leap. Written by: W.Cleon Skousen.
His travels have taken him to most of the United States, as well as Australia, Belize, Egypt and the Canary Islands.
He has studied the Mayan culture of Central America as well as the aborigines of Australia. Photography has given him the opportunity to observe life in various parts of the world.
He has published several books about his adventures.
For more information, please consult his website,www.journeysthrulife.com.
All comments welcome.