Abstract
To those of us who share the view expressed so well by Adam Smith in my frontispiece citation, there is both “good news” and “bad news” in the global political economy of 1988. The “good news” is reflected in the develo** recognition that centrally planned economies everywhere remain glaringly inefficient, a recognition that has been accompanied by efforts to make major changes in internal incentive structures. More extensively, throughout the developed and the develo** world of nations, the rhetoric of privatization in the 1980s has, occasionally, been translated into reality.
To those of us who share the view expressed so well by Adam Smith in my frontispiece citation, there is both “good news” and “bad news” in the global political economy of 1988. The “good news” is reflected in the develo** recognition that centrally planned economies everywhere remain glaringly inefficient, a recognition that has been accompanied by efforts to make major changes in internal incentive structures. More extensively, throughout the developed and the develo** world of nations, the rhetoric of privatization in the 1980s has, occasionally, been translated into reality.
Adam Smith, The Wealth of Nations, Book IV Chapter. IX, 51
(p. 687, Oxford University Press Edition, 1976).
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© 2016 James M. Buchanan
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Buchanan, J.M. (2016). 1988: The Adam Smith Address on the Structure of an Economy: a Re-Emphasis of Some Classical Foundations. In: Crow, R.T. (eds) The Best of Business Economics. Palgrave Macmillan, New York. https://doi.org/10.1007/978-1-137-57251-6_17
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