History 1807 Lecture 13: Lecture 13
7 Nov 2016
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Document Summary
Everyone misunderstands what he said when he spoke about free-market capitalism and self- interest. It was talking about a specific time and place in britain and the context has changed in such a way to render the challenge the idea the wealth of nations" proposes. -no different than marxism, communism, or any other ismit"s simply an idea. National banks provided leeway for local banks to do what they did. Provided them confidence b/c people assumed national bank was backed by the state. Post-medieval bank situation in the 17th and 18th century is ordered, order is key in these centuries, seen as progressive. In 17th, 18th centuries, banks are providing the order for this land that is challenging the power of aristocracy. Thomas hobbes says if there"s no order world will be filled with death and chaos and pestilence etc. Says gov"t takes away rights and freedoms in exchange for protection. This is the context in which adam smith is speaking.
