“The interest of the dealers, however, in any particular branch of trade or manufactures, is always in some respects different from, and even opposite to, that of the public. To widen the market and to narrow the competition, is always the interest of the dealers.”

Source: (1776), Book I, Chapter XI, Part III, Conclusion of the Chapter, p. 292.

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Adam Smith175

Scottish moral philosopher and political economist 1723–1790

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Ch. VII : The Economic, Social, and Political Consequences of Interventionism § 1. The Economic Consequences https://fee.org/resources/interventionism-an-economic-analysis-2#economic <br class="br"> Interventionism: An Economic Analysis https://fee.org/resources/interventionism-an-economic-analysis/ (1940) <br class="br">Context: The unhampered market economy is not a system which would seem commendable from the standpoint of the selfish group interests of the entrepreneurs and capitalists. It is not the particular interests of a group or of individual persons that require the market economy, but regard for the common welfare. It is not true that the advocates of the free-market economy are defenders of the selfish interests of the rich. The particular interests of the entrepreneurs and capitalists also demand interventionism to protect them against the competition of more efficient and active men. The free development of the market economy is to be recommended, not in the interest of the rich, but in the interest of the masses of the people.

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“The establishment of any new manufacture, of any new branch of commerce, or any new practice in agriculture, is always a speculation, from which the projector promises himself extraordinary profits. These profits sometimes are very great, and sometimes, more frequently, perhaps, they are quite otherwise; but in general they bear no regular proportion to those of other older trades in the neighbourhood. If the project succeeds, they are commonly at first very high. When the trade or practice becomes thoroughly established and well known, the competition reduces them to the level of other trades.”

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Source: (1776), Book I, Chapter X, Part I, p. 136 (tendency of the rate of profit to fall).

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