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January 10, 2006
Tuesday
 
 
Samizdata quote of the day
Johnathan Pearce (London)  Globalization/economics
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It is in the progressive state, while the society is advancing to the further acquisition, rather than when it has acquired its full complement of riches, that the condition of the labouring poor, of the great body of the people, seems to be the happiest the most comfortable. It is hard in the stationary, and miserable in the declining state.
- Adam Smith, The Wealth of Nations.

Comments

That looked really weird until I remembered to adjust for how the language has changed since it was written. In the US, "progressive" is now a euphemism for socialist.


Posted by Ken Hagler at January 10, 2006 06:49 PM

Ken, indeed. It is a sad fact that "progressive", like "liberal", has been turned into a term of abuse. Important also to recall that Smith, along with the other great men of the Scottish Enlightenment, thought of themselves very much as on the side of the little guy and frequently pointed to the abuses of power and business.


Posted by Johnathan at January 10, 2006 07:36 PM
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