Welcome to George H. Smith's Excursions into Libertarian Thought, a production of Libertarianism.org and the Cato Institute. Narrated by Daniel Hyland. The Other Adam Smith, Part 2 George Smith discusses some of Adam Smith's social, political and moral objections to governmental interference in the economy, as found in The Wealth of Nations. One of the most famous parts of The Wealth of Nations is its criticism of mercantilism, a later term for what Adam Smith called the mercantile system. This label denotes a system of economic protectionism, sometimes called economic nationalism, in which tariffs, trade regulations and other legal barriers to free commerce had been promoted by merchants and manufacturers to further their own economic interests. At the expense, of course, of the great mass of consumers who were thereby forced to pay higher prices for commodities. How seriously Smith took this problem may be gauged by his remark that the absurd and oppressive monopolies that merchants and manufacturers have extorted from the legislature may, like the laws of Draco, be said to be all written in blood. The common allegation of Marxists and other opponents of the free market to the effect that Adam Smith was an apologist for the capitalist class cannot be sustained upon even a cursory reading of The Wealth of Nations, in which we find acerbic attacks on that very class. But more on this a little later. Smith was especially concerned about the deleterious effects of mercantilist policies on the poor, who would otherwise benefit greatly by the abundance and low prices in a free competitive market. It is the industry which is carried on for the benefit of the rich and the powerful that is principally encouraged by our mercantile system. That which is carried on for the benefit of the poor and the indigent is too often either neglected or oppressed. This concern for the poor and indigent was far more than an incidental gesture by Adam Smith. Throughout The Wealth of Nations, we find the recurring argument that free markets, the division of labor, and a progressively expanding economy will bring about that universal opulence which extends itself to the lowest ranks of the people and a general plenty that diffuses itself through all the different ranks of the society. Masses of desperately poor people over a long period of time serve as an indicator that free markets have not been permitted to operate in that society. The liberal reward of labor is the natural symptom of increasing national wealth, which is brought about by the expanding economy of a free market. The scanty maintenance of the laboring poor, on the other hand, is the natural symptom that things are at a stand and their starving condition that they are going fast backwards. Smith was appalled by the mercantilist argument that common laborers should be paid nothing more than subsistence wages lest they become discontented with their station in life and strive to better themselves. No society can surely be flourishing and happy of which the far greater part of the members are poor and miserable. It is but equity besides that they who feed, clothe, and lodge the whole body of the people should have such a share of the produce of their own labor as to be themselves tolerably well fed, clothed, and lodged. If Adam Smith was a passionate defender of capitalism in the sense of property rights in a free market, he was also a passionate critic of capitalists. Contrary to popular academic opinion, Smith did not defend a naive harmony of interests doctrine in the realm of economics. He did not believe that everyone will benefit equally from a policy of laissez-faire, nor did he maintain that what is good for business is necessarily good for society as a whole. In The Wealth of Nations, Smith distinguishes between three economic classes or orders as he usually calls them. The first is the agricultural class of landowners who derive their revenue from rent. The second is the labouring class of workers who receive wages. The third is the commercial or mercantile class of merchants and manufacturers who earn profits. The agricultural and labouring classes share a common interest in the continuously expanding economy of a competitive market. So their interest is inseparably connected with the general interest of society. But the same is not true of merchants and manufacturers. The interest of this mercantile class has not the same connection with the general interest of society as that of the other two. Indeed, it is always in some respects different from and even opposite to that of the public. Merchants and manufacturers typically oppose the free market because their rate of profit is systematically lowered by competition. They therefore attempt to keep profits artificially high by persuading governments to enact tariffs, bounties, and various economic regulations. Such policies benefit the mercantile class at the expense of everyone else. By using the power of government to raise their profits above what they would normally be in a competitive market, merchants and manufacturers impose an absurd tax upon the rest of their fellow citizens. Smith provides an interesting account of how the mercantile system became the dominant policy of Europe for several centuries. Although mercantilism benefited one class at the expense of others, it was misrepresented by merchants and manufacturers as conducive to the general good of their country. Mercantilism was thus regarded by Smith as an ideology in the narrow Marxian sense, i.e., as a theoretical rationalization of class interests. The main theoretical tenet of mercantilism was the balance of trade doctrine. Mercantilists insisted that a country can benefit from international trade only if the money price of its exports exceeds that of its imports. And this alleged need for a favorable balance of trade was used as the primary justification for hampering competition from abroad through tariffs and the like, and for the granting of bounties to domestic industries. Smith repeatedly expresses contempt for this mercantilist ideology. It is always in the interest of the great majority of the people to buy whatever they want at the cheapest price. This proposition is so very manifest that it seems to be ridiculous to take any pains to prove it. Nor could it ever have been called in question had not the interested sophistry of merchants and manufacturers unfounded the common sense of mankind. The mercantile classes, forever animated by the spirit of monopoly, used the power of government to serve their own selfish ends, while reaping excessive and unjust profits through the power of government. They camouflaged their exploitation with the ideology of mercantilism, which equated their own economic interests with the public good. The sneaking arts of underling tradesmen are thus erected into political maxims for the conduct of a great empire. The political maxims of mercantilism were fraught with disastrous implications far beyond their economic impact. The mercantilists saw international trade as a zero-sum game with winners and losers, in which the interest of one nation consisted in beggaring all their neighbors. Each nation looked with an invidious eye upon the prosperity of its trading partners regarding their gain as its own loss. Commerce, which ought naturally to be among nations as among individuals, a bond of union and friendship, has become the most fertile source of discord and animosity. Mercantilist ideology, which promoted the delusion that one nation can benefit economically only at the expense of other nations, had encouraged many destructive and unnecessary wars. Thus did the impertinent jealousy of merchants and manufacturers prove fatal to the peace of Europe and cause more devastation than even the most rapacious kings and ministers. Smith doubts that a remedy can be found for the violence and injustice of political rulers. This ancient evil was too deeply rooted in human nature, but much could be done to mitigate the mean rapacity of merchants and manufacturers. If their monopolizing spirit cannot be eliminated, it may very easily be prevented from disturbing the tranquility of any body but themselves. Smith's preventive measure is the free market, a system of natural liberty in which everyone must compete on equal terms without recourse to the coercive mechanism of government. This point, though generally understood by libertarians, is commonly distorted beyond recognition by critics of the free market. A free market, according to Smith, is not a playground for merchants and manufacturers in which they can run rough shod over the interests of others. On the contrary, the free market imposes severe restraints on that very class by denying to its special governmental privileges. This restraint is absolutely essential to the common good, since merchants and manufacturers have the resources needed to influence governmental policies and are especially skilled in that nefarious enterprise. We should therefore remove this mechanism of exploitation by insisting that everyone, including merchants and manufacturers, follow the ordinary rules of justice when dealing with others. One final point should be made about Adam Smith's approach to the exploitation inherent in governmental privileges and regulations. Although his criticisms often deal with the harmful consequences of mercantilism, as we would expect in a work largely devoted to economic issues, Smith also appeals to the natural rights of workers. Consider the following passage in which Smith criticizes apprenticeship laws. The property which every man has in his own labor, as it is the original foundation of all other property, so it is the most sacred and inviolable. The patrimony of a poor man lies in the strength and dexterity of his hands, and to hinder him from employing this strengthened dexterity in what manner he thinks proper without injury to his neighbor is a plain violation of this most sacred property. It is a manifest encroachment upon the just liberty, both of the workmen and of those who might be disposed to employ him, as it hinders the one from working at what he thinks proper so it hinders the others from employing whom they think proper. To judge whether he is fit to be employed may surely be trusted to the discretion of the employers whose interest it so much concerns. The affected anxiety of the law giver, lest they should employ an improper person, is evidently as impertinent as it is absurd. A key word in this passage, in my judgment, is impertinent. Economic regulations are not merely unwise or inefficient. They also manifest great disrespect for the autonomy of human beings. And in assuming that legislators know better how to further the interests of individuals than do those individuals themselves, such laws are downright insolent. This moral outrage by an absent-minded Scottish professor, even in regard to dry-as-dust economic regulations, is something that all libertarians should keep in mind. Thank you for listening to Excursions. To learn more about libertarian philosophy and history, visit www.libertarianism.org


Oh gosh, I love this one. This is incredible. It's a vintage metal embroidery hoop four-inch tension wheel cork lined from the 1950s this sold for hey fellow buddies. Thanks for watching Amazing right all right, let's get started Hey fellow buddies. Thanks for watching. All right in this video We are gonna talk about big money Unexpected Bolo items items to be on the lookout for items you can hopefully buy low and sell high these come from my featured members These members have joined Bolo buddies memberships to be featured in this video if you would like to join There's a join boat button down by the like and subscribe area And if you don't see it sometimes it's not on your phone It is also linked in the description of the video no pressure to join But if you would like to be featured in a video Definitely check that out level 2 All right, so I'm gonna talk to you about these big money Bolo's and we are gonna get started I'm gonna tell you where they got it what they paid for it and what it sold for if you're new here Thank you so much for being here if you've been here a while and watched my channel for a while Thank you. Thank you. Thank you. Let me know down in the comments how you found the channel if you're new if you've been here Oh wow, let me know. I'd love to hear how you found it. So Let's get started with the first item here this one comes from Noni's treasure house and She has a really cool store lots of great unique different fun items Great variety. Definitely check it out. It will be linked down in the description. She does not have a YouTube channel This is a jewelry treasure box Lacquered lacquered I think is the word mother of pearl in lay with mirror look how beautiful this is Oh my goodness. It's beautiful and it flips and it's got the mirror It is incredible That's all I got to say incredible. She got this at a Salvation army for five dollars and ninety five cents and it sold for a hundred and fifty nine ninety nine And from what I understand it was not branded. It was just really really pretty so She went on that factor with great keywords and sold it for big money The next item she sold are these pair of Stafford Shire where Kent, Spaniel Wally dogs King Charles England figurines and their dogs and this is what they look like and Let me see if we have a picture of the bottom right there. That is what you're looking for Let me see if we can zoom and She got these for nineteen dollars at the salvation army. She I believe she said she sold this brand before so She did pay up a little bit and sold them for a hundred and twenty five dollars plus shipping the next item is this necklace it's very very very cool and It is a J crew matchstick fireburst necklace Something J crew items their costume jewelry, but they can do pretty well the ones that are statement pieces like this She got this at a salvation army for five dollars and took a best offer of eighty five dollars plus shipping on that The next items come from awesome burger quality resale check out her eBay store it will also be linked down below And lots of items that you can check out maybe perhaps a Christmas gift for someone you just never know Slumberkins bigfoot brown spoon and moon made in Oregon Polly wool cotton Stuffed animal. So if it were me I definitely would have put plush and stuffed animal in the title probably left out Polly wool and cotton Just because that can be a good descriptive word So just something that I'm pointing out to keep this educational and you may not agree with me I always say to use plush and And Stuffed animal in the title because I think plush is a reseller word And I think stuffed animal is a word that your everyday person the mom Or somebody looking for a gift for a kid is gonna search stuffed animal So I try to put both in my title or stuffed toy something like that if I'm trying if I'm running out of characters Okay, but this guy right here. She got at the Goodwill Benz and sold it for full asking price of $49.99 plus I'm sorry with free shipping on that This is a vintage Radical Super Bass AM FM stereo receiver. How cool is that? So it's not a Walkman It doesn't take a tape, but it's a little stereo This one she got at the Goodwill I'm sorry at a garage sale for $2 and it sold for full asking price of $77.57 free shipping The next item is this a lovey blankets and beyond blue white and gray lovey bunny rabbit blanket 14 inch plush soft these loveys. I always always pick up loveys They range from bread and butter to big money But they it seems like they always sell and there's always somebody looking for one of these as a replacement or You know, you just want it to be there in case somebody needs it, right? She got this at the Goodwill Benz and sold it for $24.74 with free shipping Alright, I candy vintage is the next featured eBay store again just lots of cool different items vintage to now Looks like there's could be some great Christmas gifts in that store, too. Who is Christmas shopping already? Are you done? I know I saw I think I was over at Donna Telebot Alino's YouTube auction and somebody said That they only had like five more things to get Have you guys started to Christmas shop? Let me know in the comments. All right so this one comes from I candy vintage Vera Bradley campus backpack and She sold this for $70 best offer and she picked it up on clearance for 20 These sheets right here. There's Sephora SFER are a twin sheet set and they are long and She got these at a thrift store for $10. So they're brand new and she sold them for a best offer of 60 This here. I just think is incredible. She got these free and I'm surprised They didn't sell for more really. They are just they're incredible. They're very very old antique super rare item. It says it's a Paradise regained undated John Milton hardcover and they do have some condition issues But just that cover is beautiful She sold this for $34.99 plus shipping and she also sold this one for $34.99 Plus shipping and I want to say these were maybe her mother's so she got them free Franklin Hill ventures. Okay, he's not doing much on YouTube right now. He is focusing on what not So if you are not following Franklin Hill ventures on what not go follow him He has fantastic stuff He is just doing awesome over on that platform if you guys have not joined what not yet There is a link down below Which will take you to my Bolo buddies where you should definitely follow me also because I'm eventually going to be selling over there And if you use that link to join you can get Is it 10% off your first? Or no, it's a $10 credit. Sorry. I'm mixing it up. I think it's a $10 credit to shop So it's a referral link and you get a $10 credit and I get a $10 credit So I would appreciate it if you use that link to join Please follow Franklin Hill ventures and I will periodically post links in my Facebook group to other people that are on what not as well And also on my Instagram. So other channels and people to follow that are selling stuff Okay, what did he sell he sold this vintage WWF stone cold Steve Austin Jersey He got this at a thrift store for $2 and 48 cents and sold it for a best offer of $7,920 He also sold this vintage Sportswear Tennessee. It's a t-shirt He got this at a thrift store for $2 and 48 cents and he sold it best offer of 25 plus shipping So a bread and butter item, but you will see these items at thrift stores and garage sales all the time So they're definitely a good pickup This one sold on Etsy, it's abalone shell footed trinket dish Wonder mold industries and he actually sold quite a few of these he got He got these at a yard sale Let's see for 40 and he has sold four of them or maybe it's four. I don't know it says 40 $76 total he sold four of them for 19 each So really cool item there and he is Over on Etsy. He is F H H bench or F FHV ventures FH ventures, let me get this right. I'm so sorry.  I'm getting bids on something me or my husband is I got a look I got a look Let's see what it is It is I don't know what it is It's not showing me Well, that's odd. I'll have to check it out later. Anyway So these little abalone shell footed Little things here and that's what the mold looks like or the sticker on the back. Okay, totally distracted there I really want to know what's getting a ton of bids uh, okay Moving on to the next one. Loreen's used books and things and Again a really fantastic ebay store. She will be linked down below.  It's actually pretty tiny. She said it's coin purse size She got it at the goodwill for $3.99 and took a best offer of $55 plus shipping The next item are these blue canisters. They are le smith moon and stars colonial blue vintage canisters They are beautiful She got these for the big one for $5.09 and the small one for $4.99 and she took a best offer of $59.96 plus shipping on those These are viking rose. I don't know how to say the first word. So we're just going to skip it viking rose iris embroidery alphabet card She got these At the goodwill for $2.50 and took a best offer of $75 on these So how cool is that? That's not something i've ever seen or sold and I am impressed Very cool The next item comes from Cheryl shiny squirrel. This is her ebay store and definitely go and check her out Here she is And let's see what she sold lots of great items. So Uh 1991 bing and gondola royal copenhagen feast of St lusia ornament That was a lot of information there High bid 27 cents and she sold this for a best offer of $25 She got these boots at a yard sale for $4 sold in two weeks for full asking price of $47.99 plus shipping They are just in gypsy women's cowboy boots And she got this callaway golf BMW championship golf tournament pullover at the goodwill bends and she sold it for $34.99 plus shipping All right, we have antiques from karen janet and antiques from karen she Got she inherited her mother's estate which is Jam packed with amazing amazing items She does put some stuff on ebay, but most of her items she sells on her youtube channel. So definitely subscribed her She sold this lampshade. It's a bnp diffuser lampshade It's milk glass and she sold two of these she took a best offer of $120 plus shipping And if you want to learn more about lampshades and different things like that over on farm girl scavenger noelle's channel Um, they did a video together where she walked through the house and they talked about different lampshades and stuff like that super educational Noelle looked things up on ebay and really just a teaching tool for you guys So definitely check that out on noelle's channel as well She sold this bob mackey Barbie and let me get you a close-up here in the original box It looks like and she took a best offer of $75 free shipping I'm sorry plus shipping on that And the last item she sold is this bonsai booklet from 1992 And she did say that this did take a while to sell and it looks like it sold for 24 99 And she has one more available. These were all items from her mother's estate So she inherited them this is zeff eclectic eclectics I have trouble with that word unique treasures every day savings. All right lots of cool stuff here and Got some cool plush I see christmas gifts. Check it out. All right. Let's see you guys can christmas shop over there Honda crv carpet floor mat. She got this at the goodwill for Uh $4 and took a best offer of 50 on those so nice little pickup at the goodwill Things I skip these three items. I would walk right past this one is a carrier comfort Thermostat also got at the goodwill paid three dollars for this and sold it for 58 48 And that went through global shipping And the buyer paid shipping. This is a chrome orange x juicer um citrus extractor juice press. Uh, and she got this also at The goodwill for seven dollars took a best offer of 51 on that So again, these items are in the box with a barcode. So easy to look up and easy to list Um, the next item she got is this holster. It's a vintage leather gun holster belt with Ammo cartridge. I don't know what that means. Oh, it holds. Oh, wow, that's incredible She got this at an estate sale for six bucks and took a best offer of 60 on that The next item she sold is this squish mallow and she wanted to share this one because She paid 19 dollars and 99 cents for it at the goodwill now. Did she make money? Yes She sold it for a best offer of 48 plus shipping, but she felt like she over Overpaid she knew it was squish mallow. She knew it was um from star wars And she thought it was going to be a big money bow low 48 dollars is still great But um squish mallows, they are hit and miss. So definitely look them up before you Spend a lot of money on them. I think she still did fine at 1999 Money makin mama, she goes into a place called dirt cheap and she finds amazing deals And let me give you some examples here a lot of eight impress press on nails spooky halloween limited edition She got these for two dollars each. So There's eight of them. So 16 dollars is her cost of goods. This is retail arbitrage So you're not going to have as big of profits as if you go and get something for a quarter to garage sale She sold these for a best offer of 44.99 with free shipping This is deer Uh repellent and she got these for 80 cents each at dirt cheap and she has five more available already sold three They're selling for 44 97. So her cost of goods is about two bucks for these One listing multi quantity just keeps selling keeps making money That's one thing great about these types of items and what she does Lot of 12 vitamin e moisturizing stick lip repair and you can see it kim's in this little case She paid a dollar 80 for the case. These are selling for 36.99. She has sold two and has two available All right, we've got walnut bottom Mercantile am I saying that right? I'm not even sure what that means or how to say it So I apologize, but she has an awesome store. Check it out down below linked down below. Look at that That's kind of creepy. That's gonna sell probably for halloween All right, so definitely has some halloween stuff if you guys are looking for A mask or something like that. All right, let's see what she sold here. She sold these Oh, gosh, I love this one. This is incredible. It's a vintage metal embroidery hoop four inch tension wheel cork lined from the 1950s This sold for $50 and 95 cents and she got it free How incredible is that? So if you see these definitely give them A little quick look and make sure it's uh, not a big money one before you dismiss it She got this santa. It's a Harriet Gilmar king santa illuminated coin bank and it lights up and it's from the 50s She said it was in a box at a yard sale and she paid two dollars for it and it sold for 49 94 The next item comes from leanne something Something for you and it's been a while since she put out a video I know she was doing live sales over on her channel. Not sure if she's gonna come back to youtube She might be on what not i'm not a hundred percent sure But definitely sub her up and her ebay store is linked there and down below as well She sold this a scotta gold tone multi-heart clip earrings. They came out of an online auction lot So she had about 10 cents in these and took a best offer of 60 And there you go. That's what the back looks like The next item she sold is this pokemon 3d ornament I sold something and she got this at the goodwill for two dollars and took a best I'm sorry and sold it for 75 plus shipping The next item is this tray. It's a vintage marquette in lady In lady, I think that should be inlay. Maybe wood brass serving tray She got this at a thrift store for a buck and sold it for 65 plus shipping grinning grandma is a new member of the bolo buddies youtube channel and share is fantastic check out her um ebay store and her youtube channel now she Has a bunch of booths. I think she said like eight or 18 or something crazy. It's just it's it's Incredible. I don't know how she does it, but she's trying to get more of an online presence. So definitely go and follow her She sold This brass pair of double candle sconces wall decor engravable vintage and she sold this for 51 dollars. It came from an estate buyout. So Cost of goods was pennies and the buyer paid shipping on that This vintage sure brothers microphone model five dash one and adjustable stand Got this at a junk shop for five dollars and it sold for a best offer of 125 plus shipping And these dogs they are a pair of mid-century modern K finch pink yorkie dog figurines collectors dream check them out. They are super super cool These came from an estate clean out. So also had pennies in these and they sold for 200 dollars All right, you guys there's some new channels there some new ebay stores definitely go down below and follow their ebay stores and Subscribe to their youtube channels. Thank you so much for being here. Leave me an emoji of a hat down in the comments And thanks for watching