But which Adam Smith is Greenspan going to celebrate: the works of the man, Adam Smith (Moral Sentiments and Wealth of Nations) or the caricatures of Adam Smith as developed in the mid-19th century (J. S. Mill), throughout the 20th Century (Samuelson, Stigler) and now in the 21st?

Smith did not support laissez faire (words he never mentioned), nor write about capitalism (a word and phenomenon of which he knew nothing), nor did he advocate a minimal State.

His legacy was lost to posterity by people, most of whom have never read his Works, applying isolated quotations to their own agendas.

My new book, "Adam Smith's Lost Legacy" (Palgrave Macmillan, March 2005), documents the problematic misuse of his Works.

Posted by Gavin Kennedyy at January 27, 2005 08:13 PM