Adam Smith once said, "All for ourselves, and nothing for other people, seems, in every age of the world, to have been the vile maxim of the masters of mankind."
Thankfully, his work led to a contradiction of this statement and a movement championed by some of the greatest economists the world has ever seen. Friedrich Hayek used the principles of the capitalist system to debunk socialism and ensure that its spread would not corrupt another European country. Milton Friedman used these same principles to argue for economic freedom and became one of the most widely cited economic thinkers of the 20th century.
I was fortunate enough this morning to happen across The Adam Smith Institute and its blog thanks to a reference on the Club For Growth's blog. ASI calls itself "the UK's leading innovator of free-market policies" and its blog features several free market writers and a "Joke of the day" segment that has no shortage of side splittery.
Today's insights include a look into the "fair trade" coffee shops whose practices seem slightly Orwellian as well as a summary of the negative effects of high marginal tax rates on the British economy (our friends across the pond have an average tax rate that is fast approaching 50%).
I would suggest adding their RSS atom feed to your feed-readers; this is a daily read for anyone interested in the economy, domestic or foreign.