Kudlow host Larry Kudlow observes the birthday of Scottish economist and philosopher Adam Smith, the founder of free market capitalism.Who's Adam Smith? He's the founder of free-market capitalism, baptized on June 16, 1723, 300 years ago. Glasgow, Scotland. Our Founding Fathers thought he was a rock star.
Adam Smith thoughts are littered throughout the Declaration of Independence written by Thomas Jefferson and Benjamin Franklin and some others. No, I wasn’t there, but they talked about life, liberty and the pursuit of happiness and that that depends on economic growth, That's really the message of Adam Smith who wrote two super famous books.
Smith points out again and again that only economic growth can raise living standards and wages. Only economic growth can generate happiness throughout society. And capitalism was the answer to poverty and unemployment. The best welfare program was a job.The spread of capitalism in the last 40 years has been miraculous. According to the World Bank, people living in absolute poverty defined as earning less than $2 a day, was 42.7% of the world population in 1980.
But in any case, today's Wall Street Journal article entitled "Adam Smith's Solution to Poverty" by historian Rainer Zitelmann – Smith was not concerned about the rich people. Instead he believed his theories would improve a lot of the non-rich. And again, their happiness depended on expanding free markets and free trade.
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