The Invisible Handcuffs of Capitalism: How Market Tyranny Stifles the Economy by Stunting Workers (47 page)

33.
“The Treaty of Detroit,”
Fortune
, Vol. 62, No. 1, July 1950; see also William Serrin,
The Company and the Union
(New York: Vintage, 1974), 170.

34.
George Fitzhugh,
Cannibals All! Or, Slaves Without Masters,
ed. C. Vann Woodward (1857; Cambridge, MA: Belknap Press, 1980).

35.
Robert K. Merton, “The Matthew Effect in Science,”
Science
, Vol. 159, No. 3810 (January 5, 1968): 58; quoting Matthew 25:29.

36.
Milton Friedman, “Introduction,” in Frederick A. Hayek,
The Road to Serfdom
, 50th anniversary edition (Chicago, IL: University of Chicago Press, 1994); reprinted in
The Road to Serfdom: Text and Documents—The Definitive Edition,
ed. Bruce Caldwell (Chicago, IL: University of Chicago Press, 2007).

37.
Quoted in Randall Parker,
The Economics of the Great Depression: A Twenty-first Century Look Back at the Economics of the Interwar Era
(Cheltenham: Edward Elgar, 2007), 10.

38.
Quoted in Eric Foner,
Free Soil, Free Labor, Free Men: The Ideology of the Republican Party before the Civil War
(New York: Oxford University Press, 1970), 25.

39.
Anatole France,
The Red Lily
, tr. Winifred Stephens (1894; New York: Dodd, Mead and Co., 1925), 91.

1.
“Venezuela: The Busy Bs,”
Time,
September 21, 1953.

2.
Adam Smith,
An Inquiry into the Nature and Causes of the Wealth of Nations
, 2 vols., eds. R. H. Campbell and A. S. Skinner (1789; New York: Oxford University Press, 1976), III.iv.17, 422.

3.
Sol Tax,
Penny Capitalism: A Guatemalan Indian Economy
(Smithsonian Institution Institute of Social Anthropology, Publication No. 16, Washington, D.C.: U.S. Government Printing Office; reprinted New York: Octagon Books, 1972).

4.
Thomas Friedman,
The Lexus and the Olive Tree
(New York: Farrar Straus & Giroux, 1999), 86–87.

5.
Ibid., 90–91, 115.

6.
Walter B. Wriston,
The Twilight of Sovereignty: How the Information Revolution Is Transforming Our World
(New York: Scribner, 1992), 8–9, 61–62.

7.
See William Darity, Jr., and Bobbie L. Horn,
The Loan Pushers: The Role of Commercial Banks in the International Debt Crisis
(Cambridge, MA: Ballinger, 1988).

8.
Phillip L. Zweig,
Wriston: Walter Wriston, Citibank, and the Rise and Fall of American Financial Supremacy
(New York: Crown Publishers, 1995), 867, 872.

9.
Bob Woodward,
Maestro: Greenspan’s Fed and the American Boom
(New York: Simon & Schuster, 2000), 73.

10.
Thomas Friedman, “A Race to the Top,”
New York Times,
June 3, 2005.

1.
Jacob Viner, “Adam Smith and Laissez Faire,”
Journal of Political Economy
, Vol. 35, No. 2 (April 1927): 189–232; reprinted in
The Long View and the Short
(Glencoe, IL: The Free Press, 1958).

2.
Adam Smith,
An Inquiry into the Nature and Causes of the Wealth of Nations
, 2 vols., eds. R. H. Campbell and A. S. Skinner (1789; New York: Oxford University Press, 1976), I.viii.13, 84.

3.
Ibid., IV.i.32, 448.

4.
Anthony Waterman, personal communication, 1998.

5.
Salim Rashid, “Charles James Fox and
The Wealth of Nations
,”
History of Political Economy
, Vol. 24, No. 2 (Summer 1992): 493.

6.
John Rae,
The Life of Adam Smith
(1895; New York: Augustus M. Kelley, 1965), 291.

7.
Anthony Waterman, “Reappraisal of ‘Malthus the Economist,’ 1933–1997,”
History of Political Economy
, Vol. 30, No. 2 (Summer 1998): 295.

8.
Emma Rothschild, “Adam Smith and Conservative Economics,”
Economic History Review
, Vol. 45, No. 1 (February 1992): 74.

9.
Quoted in Francis Horner,
Memoirs and Correspondence of Francis Horner, M.P.
, 2 vols., ed. Leonard Horner (London: John Murray, 1843), 1: 229.

10.
Jeffrey Young, “Accounting for Adam Smith,” Summer Institute for the Preservation of the Study of the History of Economics, George Mason University, June 4, 2007.

11.
Adam Smith,
The Theory of Moral Sentiments
(1759), V.I.25,
http://www.econlib.org/library/Smith/smMS5.html
.

12.
George J. Stigler,
Five Lectures on Economic Problems
(London: Longmans, Green and Co., 1949), 4.

13.
From a lost manuscript of 1749, quoted in Dugald Stewart, “Account of the Life and Writings of Adam Smith, L.L.D,” in
The Works of Dugald Stewart,
Vol. 5 (London: T. Caddell and W. Davies, 1811), 400–552; reprinted in
Adam Smith, Essays on Philosophical Subjects
, ed. W. P. D. Wightman and J. C. Bryce (Oxford: Clarendon Press, 1980), 269–352.

14.
Arnold Toynbee,
Lectures on the Industrial Revolution of the Eighteenth Century in England: Popular Addresses, Notes, and Other Fragments
(London: Rivingtons, 1884), 8.

15.
John Ramsay McCulloch,
Treatise on the Rate of Wages and the Condition of the Labouring Classes
(1826; New York: Kelley, 1967), 16–17.

16.
See Michael Perelman,
Transcending the Economy: On the Potential of Passionate Labor and the Wastes of the Market
(New York: St. Martin’s Press, 2000), 201; Adam Smith,
Lectures on Jurisprudence
, eds. R. L. Meek, D. D. Raphael, and P. G. Stein (1762–1766; Oxford: Clarendon Press, 1978), 563.

17.
Frederick Law Olmsted,
A Journey in the Seaboard Slave States in the Years 1853–1854
(New York: Dix and Edwards, 1856), 46–47.

18.
Rae,
The Life of Adam Smith
, 8.

19.
T. S. Ashton,
The Industrial Revolution, 1760–1830
(London: Oxford University Press, 1948), 47.

20.
Ibid., 15.

21.
Roy Hutcheson Campbell,
Carron Company
(Edinburgh: Oliver and Boyd, 1961), 18.

22.
John Roebuck, “Letter to Adam Smith” (November 1, 1775), in
The Correspondence of Adam Smith
, eds. Ernest Campbell Mossner and Ian Simpson Ross (Oxford: Clarendon Press, 1977), 182–84.

23.
Richard L. Hills,
Power from Steam: A History of the Stationary Steam Engine
(Cambridge: Cambridge University Press, 1989), 55.

24.
David Hume, “Letter to Adam Smith” (June 27, 1772), in
The Correspondence of Adam Smith
, eds. Mossner and Ross, 161–63.

25.
Adam Smith,
An Inquiry into the Nature and Causes of the Wealth of Nations
, 2 vols., eds. R. H. Campbell and A. S. Skinner (1789; New York: Oxford University Press, 1976), I.viii, 94.

26.
John H. Clapham, “Review of Werner Sombart.
Luxus und Capitalismus. Krieg und Capitalismus
,”
The Economic Journal
, Vol. 23, No. 91 (September 1913): 401.

27.
James Boswell,
Boswell’s Life of Johnson
, Vol. 5,
The Life, 1780-1784
(Oxford: Oxford University Press, 1934–64), 188.

28.
Jonathan Williams, Jr.,
Journal of Jonathan Williams, Jr., of His Tour with Franklin and Others through Northern England, May 28, 1771
, in Benjamin Franklin,
The Papers of Benjamin Franklin
, Vol. 18, eds. Leonard W. Larabee and William B. Wilcox (New Haven: Yale University Press, 1959), 114–16.

29.
Adam Smith,
An Inquiry into the Nature and Causes of the Wealth of Nations,
I.i.5, 17.

30.
A. W. Coats, “Adam Smith: The Modern Appraisal,”
Renaissance and Modern Studies
, Vol. 6 (1962): 47; see also E. R. A. Seligman, “Introduction” in Adam Smith,
An Inquiry into the Nature and Causes of the Wealth of Nations
(London: Everyman’s Edition, 1910), xi.

31.
Richard Koebner, “Adam Smith and the Industrial Revolution,”
Economic History Review
, 2nd series, Vol. 11, No. 3 (1959): 381–91.

32.
Charles Kindleberger, “The Historical Background: Adam Smith and the Industrial Revolution” in
The Market and the State: Essays in Honour of Adam Smith
, eds. Thomas Wilson and Andrew S. Skinner (Oxford: Clarendon Press, 1976), 1–25.

33.
Smith,
Lectures on Jurisprudence
, 338.

34.
Ibid., 339.

35.
Ibid., 340–41.

36.
Ibid., 341.

37.
Ibid., 351.

38.
Smith,
An Inquiry into the Nature and Causes of the Wealth of Nations,
I.i.3, 14–15.

39.
Smith,
Lectures on Jurisprudence
, vi.34, 343; and
An Inquiry into the Nature and Causes of the Wealth of Nations
, I.i.3, 14–15.

40.
Jean-Louis Peaucelle, “Adam Smith’s Use of Multiple References for His Pin Making Example,”
European Journal of the History of Economic Thought
, Vol. 13, No. 4 (December 2006): 494; Smith,
An Inquiry into the Nature and Causes of the Wealth of Nations,
I.i.3, z. 14–15.

41.
Adam Smith,
Early Draft of The Wealth of Nations
in
Lectures on Jurisprudence
, eds. R. L. Meek, D. D. Raphael, and P. G. Stein (Oxford: Clarendon Press, 1978), 564.

42.
Adam Ferguson,
An Essay on the History of Civil Society,
ed. Duncan Forbes (1793; Edinburgh: Edinburgh University Press, 1966).

43.
Alexander Carlyle,
Autobiography of the Rev. Dr. Alexander Carlyle
(Boston: Ticknor and Fields, 1861), 231.

44.
Rae,
The Life of Adam Smith,
264.

45.
Ferguson,
An Essay on the History of Civil Society
, 181.

46.
Ibid., 186.

47.
Ibid., 218.

48.
Ibid., 230.

49.
Campbell,
Carron Company,
79.

50.
Ibid., 80–81.

51.
Henri-Louis Duhamel du Monceau,
Art de l’e’pinglier
(Paris: Saillant et Noyon, 1761); tr. in Peaucelle 2006, “Adam Smith’s Use of Multiple References for His Pin Making Example,” 502.

52.
Henry Hamilton,
English Brass and Copper Industries to 1880
(New York: Augustus M. Kelley, 1967), 103.

53.
Kirk Willis, “The Role in Parliament of the Economic Ideas of Adam Smith, 1776–1800,”
History of Political Economy
, Vol. 11, No. 4 (Summer 1979): 505–44.

54.
Arthur Young,
A Six Months Tour through the Southern Counties of England and Wales
, 3rd ed. (London: W. Straham, 1772), 170–74.

55.
Robert C. Allen,
The British Industrial Revolution in Global Perspective
(Cambridge: Cambridge University Press, 2009), 147.

56.
Smith,
An Inquiry into the Nature and Causes of the Wealth of Nations
(Oxford University Press, 1976), IV.viii.42, 658.

57.
Ibid., I.i.9, 20–21.

58.
Smith,
An Inquiry into the Nature and Causes of the Wealth of Nations
(Modern Library, 1937), n. 10.

59.
Smith,
Lectures on Jurisprudence,
1762–1766, 343–47.

60.
Smith,
Early Draft of The Wealth of Nations
in
Lectures on Jurisprudence,
567–9.

61.
Smith, “Letter to Lord Carlisle” (November 8, 1779) in
The Correspondence of Adam Smith
, eds. Ernest Campbell Mossner and Ian Simpson Ross (Oxford: Clarendon Press, 1977), 242–43.

62.
Ibid., 240–42,

63.
See Jacob Viner,
The Role of Providence in the Social Order: An Essay in Intellectual History
(Philadelphia: American Philosophical Library, 1972), 80.