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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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Environmental disasters
By Dr Eamonn Butler
The huge loss of life in the Indonesian tsunami disaster reminds us all of the terrible power of nature. The modest help we can give from afar looks sadly insufficient to the task of repairing the physical damage or relieving the human distress. All we can do is pause, reflect, and sympathize. But no doubt the environmentalistas will soon be telling us that the whole world is open to coastal devastation like this unless we start doing more to enforce the Kyoto protocols and tackle global warming. But the lesson of Indonesia is the exact opposite. The devastation was overpowering, yes. But the human cost is all the heavier because most of the countries affected are poor. Homes and workplaces weakly built; poor roads and telecommunications that make it hard to summon help or deliver it with speed and accuracy to where it is needed; inadequate medical and emergency services; too little education that could save lives. It was the same in the Caribbean hurricanes earlier this year. Poor Haiti suffered enormous damage, with many killed and half its GNP wiped out. For rich Florida, hit by the same storm, it is basically an insurance claim. Homes and public infrastructure in Florida are more solidly built, storm planning is efficient, mobile phones are everywhere. The real lesson is that we have to make the world richer. Because richer people can stand up to natural disasters better than poorer ones. We need trade, markets, peace, democracy, low taxes -- all the things that will deliver growth fast to the developing world. That is the way to save lives. Real lives that are being lost right now. Quite frankly, that will do more for the planet than the theoretical and far-off benefits of Kyoto. 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. |