Adam Smith into the Twenty-First Century,

by Edwin G. West (1996)

Adam Smith into the Twenty-First Century examines how Smith's deliberations on constitutional economics can now be tested by current empirical work in the social sciences.

Edwin West shows how Smith's scepticism about the proposition that democracy is conductive to economic growth is supported by modern research. Current social science is also shown to support Smith's views that government improves with the expansion of trade and that liberty is strongly associated with growing prosperity. Smith's argument that personal freedom to act should be allowed providing that the 'laws of justice' are not violated is compared with J.S. Mill's view that liberty should be allowed except where 'harm to others' may thereby be prevented.

In Adam Smith into the Twenty-First Century, Professor West argues convincingly that Smith's liberalism is not dead, but is enjoying a revival which will continue into the twenty-first century

Tyler Cowen, George Mason University, Public Choice Volume 93, Nos. 1-2, 208-210 (1997)

"... Edwin West brings out the depth of Adam Smith's brand of liberalism."

Bruce Yandle, Clemson University, Constitutional Political Economy Vol. 8, No. 1, 93-95 (1997)

"How do Adam Smith's ideas enter the discussion? Can we find any guidance that might be useful to newly emerging states? Edwin West's ... gives a strong affirmative answer to this question, while warning that Smith did not provide a handbook on how to build a market economy. Instead of identifying what might be handbook material, West calls on Smith to address three propositions: 1. democracy is conducive to economic growth; 2. government improves with expansion of trade and commerce, and 3. liberty is associated with growing prosperity. He explains why Smith was far more optimistic about the last two propositions that the first. West also builds a connection between the ideas of Smith and those of classical Greeks, giving Smith's comments on such topics as civic virtue, citizenship and social harmony. Noted for his ability to do so, West draws on the importance Smith attached to law, independent judges, and institutions generally. He provides a far richer picture of Adam Smith than the caricature often painted from the ingredients of self interest and raw market forces. Using a generous sprinkling of quotations, West shows that Smith recognized many of cannons of Public Choice and therefore was skeptical about the prospects for the majoritarian state."

John Rogers, Agenda Vol. 4, No. 4, pp. 508-510 (1997)

"... In his essay 'Adam Smith into the Twenty-First Century', Edwin West argues that for economists to be 'minimally consistent' with Smith's political economy they would need to advocate abolishing 'minimum wages, export subsidies, marketing boards, capital gains taxes, "free" education and the whole US system of central banking' (p. 37). Most economists seem to prefer piecemeal central planning, like promoting aggregate savings and raising taxes to balance government budgets. Worst of all, they tend to support governments merely because they are democratically elected. But the evidence from the last 50 years suggests that Smith was right in focusing on what government did, rather than how it was formed; relatively robust democracies such as India have floundered under bureaucratic controls and high taxes, while relatively non-democratic states such as Hong Kong and Singapore have forged ahead through low taxes and free trade. West cites Przeworski and Limongi (1993) as illustrating the lack of connection between wealth and democracy. They examined 18 studies generating 21 findings since 1966, with eight finding in favour of authoritarianism, eight in favour of democracy, and five finding no relationship. West would like to see modern economists follow Smith's lead and make the case that an unfettered market with a minimal or absent government will lead to the greatest growth in economic prosperity and liberty. ..."