Adam Smith was not just a pioneer of political economy; he was also
a moral philosopher who aspired to write a systematic theory of
law. Though he never completed the project - he asked the executors
of his estate to burn his notes - his major published works contain
a multitude of passages from which significant portions of his
legal theory can be reconstructed. Many of Smith's views are of
great relevance to present-day issues. He proposed financial
regulation restricting the freedom of individuals, which he likened
to the necessity of equipping buildings with firewalls. In light of
the global firestorm caused by the most recent banking crisis,
Smith's ideas appear strikingly modern.
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