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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Shopping ethics on Oxford Street
By Alex Singleton

I was shopping on Oxford Street in London today at a prominent multinational clothing company. I took my three tops to the checkout and handed over some £20 notes. The young woman serving we asked, "Can I trust that these are genuine notes? Our tester isn't working today." Of course, I said. She then explained that when she had been at school, she'd bought a fake £20 note for a fiver, gone along to McDonald's, bought a hamburger and got lots of genuine change. "I don't think there's anything wrong with doing that. These multinationals don't deserve to be so rich, it's not as though ordinary people suffer. I'm all in favour of entrepreneurs - it's just Big Business I'm against. I'm in favour of robbing from the rich and giving to the poor. You might think it a cop-out to me to work here, but I need to earn some money to help me through university."

The clothes I bought are pretty damn cool, and that was why I shopped there. The only reason why that company is a big business is because millions of people like me like their clothes. I wasn't forced to buy from them - I chose them because they gave me what I wanted. Her distinction between being an entrepreneur and being a big business is rather odd. Big businesses get displaced if they lose the entrepreneurial spirit and stop reacting to consumer demand. These new competitors then become big businesses. The clothes shop I was using isn't all that old and has won market share from older competitors. Its success is something we should celebrate, not resent. Besides, being against multinations is so 1990s.



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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.