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“Reading The Wealth of Nations as an attack against lobbying from special interest groups and cronyism suggests that for Smith the violence and inefficiencies of rent seeking mercantilist policies cause harm and are unjust.
For Smith, rent seeking and state capture by special interest groups is not only inefficient, but uses the (actual) "blood and treasure" of fellow citizens to enrich a few merchants under the false pretence of enriching the country. The Wealth of Nations can therefore be read as a moral condemnation of mercantilist policies: unjust policies are also inefficient policies.”
― Adam Smith: The Kirkcaldy Papers
For Smith, rent seeking and state capture by special interest groups is not only inefficient, but uses the (actual) "blood and treasure" of fellow citizens to enrich a few merchants under the false pretence of enriching the country. The Wealth of Nations can therefore be read as a moral condemnation of mercantilist policies: unjust policies are also inefficient policies.”
― Adam Smith: The Kirkcaldy Papers
