Friday, 4 June 2010

Vince Cable on Adam Smith

Stronger competition policy signals: "Arguing for more competition instead of cosy cartels. Arguing for better protection for consumers from shady practice. Rejecting special pleading... Amongst [Adam Smith's] many wise words which have stood the test of time is this: “the interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer”. And the consumer is all of us.Smith – and this is often forgotten – also argued trenchantly that successful capitalism rested on a sense of morality, not on unfettered greed."

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