According to Reason Magazine this year is the 300th anniversary of the birth of Adam Smith, who is considered by many to be history’s strongest spokesperson for the Free Market. For example, Adam Smith wrote in his famous book entitled Wealth of Nations:

“By means of glasses, hotbeds, and hotwalls, very good grapes can be raised in Scotland, and very good wine too can be made of them at about thirty times the expense for which at least equally good can be brought from Foreign countries. Would it be reasonable law to prohibit the importation of all foreign wines, merely to encourage the making of claret and burgundy in Scotland?”

Adam Smith answers his own question by saying that this would be absurd. So what should happen? Adam Smith says that, instead, what people, communities and countries should do is to concentrate upon producing the goods and services that they can do best and most competitively, and then trade those goods and services to others in exchange for purchasing the goods and services that others produce better and less expensively. That way everyone wins!

As a present day example, probably the least self-sufficient country in the world is Singapore, which relies upon imports for its food, energy and even drinking water. But they are expert at many other things, and live on as high a scale of life as anyone in the world. At the opposite end of the spectrum is North Korea, which almost universally relies upon self-sufficiency. Where would you rather live? Of course, in addition to the above is the old adage that “If goods and services don’t cross borders, troops soon will.” In other words, and for many reasons, support Free Trade!

Quote for the week from the comic strip Hagar the Horrible: A tax collector to a homeowner: “Your luxury tax is due.” Response from the homeowner: “We don’t live in luxury!” Tax collector: “But the King does.”

Judge Jim Gray (Ret.) Superior Court of Orange County, California 2012 Libertarian Candidate for Vice President

Please listen to our radio show entitled All Rise! The Libertarian Way with Judge Jim Gray as we discuss timely ssues and show how they will be addressed more beneficially by employing Libertarian values and approaches. The series has concluded, but you can still hear any edition On Demand at https://www.voiceamerica.com/show/3883. And, by the way, these 2 Paragraphs columns are now on my website at www.JudgeJImGray.com, Facebook and LinkedIn at judgejimgray, Twitter at judgejamesgray, and wordpress at judgejimgray.wordpress.com. Please visit these sites for past editions, and do your part to spread the word about the importance of Liberty. In addition, my new book with the same title as my radio show is now available at Amazon.com., as is my wife Grace’s and my new novel centered about School Choice entitled 2030 KIDS: We are the Rising Heroes of the Planet. Please read and discuss them with your friends, and send in a review.