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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.
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Pilgrim Fathers were communists - at first
By James Bartholomew
A fascinating insight into why communism and socialism fails appears on the website of the Foundation for Economic Education, which is based in the USA. It is an essay written by Henry Hazlitt in 1952. This is an extract: Most of us have forgotten that when the Pilgrim Fathers landed on the shores of Massachusetts they established a communist system. Out of their common product and storehouse they set up a system of rationing, though it came to "but a quarter of a pound of bread a day to each person." Even when harvest came, "it arose to but a little." A vicious circle seemed to set in. The people complained that they were too weak from want of food to tend the crops as they should. Deeply religious though they were, they took to stealing from each other. "So as it well appeared," writes Governor Bradford, "that famine must still ensue the next year also, if not some way prevented." In other words, the Pilgrim Fathers were communists until they found out that it did not work. They reacted promptly to give a system that had failed. It is a pity that British society has not reacted as quickly to the failure of our communist-style healthcare and education. James Batholomew is author of The Welfare State We're In. Feedback
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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. |