The Adam Smith Institute
The Adam Smith Institute is the UK's leading innovator of free-market policies. Named after the great Scottish economist and author of The Wealth of Nations, its guiding principles are free markets and a free society. It researches practical ways to inject choice and competition into public services, extend personal freedom, reduce taxes, prune back regulation, and cut government waste.

The Institute is politically independent and non-profit. It works through research on policy options, publications, conferences and seminars, and helping to shape public debate in the media and among opinion-formers.

 
In fear of being embezzled
By Dr Madsen Pirie

So we should clamp down on white collar crime? It turns out that the top social groups are more prone to embezzlement and fraud. The bottom ones seem to prefer mugging and burglary. Shouldn't we be equally ruthless against both groups? No we shouldn't.

These types of crime have a different impact on their victims. Burglary, mugging, rape and murder all have a devastating effect on individuals. They traumatise and leave lasting injuries or destroy lives.

Shoplifting and embezzlement often have more anonymous victims. The crimes are spread out so that many people pay their costs. The burden on each individual is usually small. To have one's valuables stolen, one's home wrecked, or to be crippled by a street thug is not the same as paying half a penny extra for a light bulb.

We do not walk the streets at night in fear of being embezzled. People want the priority to be on the crimes which have shocking impact on their victims. The police prefer to pursue middle class motorists and white collar criminals. Let shops deal with shoplifting, companies handle embezzlement and fraud, and the police deal with the stuff that destroys lives.



 

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Adam Smith (1723-1790)
Adam Smith was the great Scottish philosopher and economist best known for "The Wealth of Nations", his pioneering book on free trade and market economics.

A wide selection of material about Adam Smith is now available on the Adam Smith website. This includes the full text of his two major works, The Theory of Moral Sentiments and The Wealth of Nations.

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