Adam Smith vs. Walter Shandy

Adam Smith rightly gets credit for formalizing the philosophy of free-market capitalism, with his masterwork, The Wealth of Nations (available in full, online), published in 1776. A somewhat radical read, even today, Smith argued against protectionism, governmental subsidies and monopolies, and the restrictive practices prevalent in his day and ours.

Those same anti-capitalistic tendencies are in effect today, paying farmers to let their fields lie fallow, granting trademarks in perpetuity, and giving out stupid patents so the USPTO can pay its own operating costs. Conspiracy theorists even believe that engines running on water have been developed and their creators silenced by big oil. (Then again, it's not like Detroit is jumping on the ethanol bandwagon.)

I've been reading Tristram Shandy, and was amazed at this very Republican sentiment - satiric in Sterne's case, unlike our modern GOP heroes of business:

But pray, Dr. Slop, quoth my father, interrupting my uncle, (tho' not without begging pardon for it, at the same time) upon what principles was this self-same chariot set a-going?----Upon very pretty principles to be sure, replied Dr. Slop;—and I have often wondered, continued he, evading the question, why none of our Gentry, who live upon large plains like this of ours,---(especially they whose wives are not past child-bearing) attempt nothing of this kind; for it would not only be infinitely expeditious upon sudden calls, to which the sex is subject,—if the wind only served,—but would be excellent good husbandry to make use of the winds, which cost nothing, and which eat nothing, rather than horses, which (the Devil take 'em) both cost and eat a great deal.

For that very reason, replied my father, "Because they cost nothing, and because they eat nothing,"—the scheme is bad;—it is the consumption of our products, as well as the manufactures of them, which gives bread to the hungry, circulates trade,—brings in money, and supports the value of our lands;—and tho', I own, if I was a Prince, I would generously recompence the scientifick head which brought forth such contrivances;—yet I would as peremptorily suppress the use of them.

Now, I'm no free-market libertarian, but I certainly prefer a free market to the virtual oligarchy we have today. After 200 years of the Smith experiment, we find ourselves pretty much where we started.