Jacob Soll

“Around the same time that Goldwater lost his bid for the presidency, the TV evangelicals Pat Robertson and Jerry Falwell joined the libertarian, far-right wing of the Republican Party. They called for free markets and cited Hayek and Friedman to protest government bureaucrats, while also issuing daily denunciations of rock music, homosexuals, abortion, civil rights, and pornography. Hard-right evangelicals were among the most influential leaders of the new free-market movement. The Republican Party became an ideological mix of the mainline northeastern establishment, American Baptist puritanism, racism and bigotry, and a Friedmanesque and American Southwest individualist libertarianism and permissiveness—all held together by a near-religious reverence for the multinational conglomerate firm and the sanctity of capital-holding shareholders.”
― Jacob Soll, Free Market: The History of an Idea

“Smith’s concept of the mercantile system evolved—completely out of context—into the modern concept of mercantilism: a simplistic, blanket economic term used to characterize early modern economic thinkers as proponents of an interventionist, taxing, subsidizing, and warring state whose goal was to simply hoard gold. In 1931, the Swedish economic historian Eli Heckscher, in his monumental study Mercantilism, juxtaposed Colbert’s “mercantile” economics with a pure, laissez-faire system, which he felt Smith embodied, that allowed for individual and commercial freedoms without state intervention. A powerful and simplistic binary continued thereafter, one that informs our own vision of the free market today. We can see it still in Friedman’s work.”
― Jacob Soll, Free Market: The History of an Idea