“It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.” So wrote Adam Smith, correctly. To this list add the banker.
But make one “small” change: let government into this rosy picture. Then the self-interest of arms-maker, cable company, drug manufacturer, banker, educator, food supplier, trade unionist, and doctor infiltrates, penetrates, controls, and governs government. They acquire market power through regulations, laws, taxes, and subsidies. Malevolence is the result. Markets are corrupted.
In the presence of government, can we ever expect our dinner not to be stuffed full of nasty chemicals, additives, and dietary monstrosities?
