Head of Policy at the Adam Smith Institute, Ben Southwood, highlighted the problems with 'Buy British Day' in CityAM.
The father of modern economics Adam Smith wrote: "In every country it always is and must be the interest of the great body of the people to buy whatever they want of those who sell it cheapest".
His writings find voice today in the think tank that bears his name. Head of policy at the Adam Smith Institute Ben Southwood commented:
If people get satisfaction from buying British off their own bat then, there's no problem with that—but that is no reason to encourage them.
Globalisation and the worldwide division of labour have lifted hundreds of millions in the developing world out of poverty, and simultaneously added hundreds of millions of customers onto the world market.
Adam Smith and David Ricardo's theories of free trade are no less true today than they ever were.
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