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1 results

  • 1 - Early Liberalism, Adam Smith, and the Seeds of the Infrastructural State

  • Matthew Titolo, West Virginia University College of Law
  • Book:
    Privatization and Its Discontents
    Published online:
    08 June 2023
    Print publication:
    22 June 2023, pp 33-54

  • Summary

    The chapter uses Adam Smiths wealth of nations to complicate simple laissez-faire notions of economic development. Adam Smith argued that public works were crucial for economic development. Since they wouldnt always be provided by private firms there would need to be some government involvement. However, Smith argued that government waste and debt would continue to be risks of infrastructure, so he argued that infrastructure should be governed by cost-internalizing principles. Also, Adam Smith argued for natural monopoly, which would be exempt from market forces, which provided the groundwork for the idea of public utilities.