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Adam Smith’s Legacy Grows Alongside Threats to Free Economies

Winter 2019
David Teece
ThinkSet 7

Two-and-a-half centuries ago, the legendary Adam Smith wrote a pair of seminal economic works that to this day echo through the global economy: The Theory of the Moral Sentiments (1759) and The Wealth of Nations (1776). Unfortunately, the ethical foundations of capitalism crafted by Smith and others are under fire, threatened in a world increasingly awash in mercantilist beggar-thy-neighbor policies, propagated by large and emerging economies alike.

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