nancylebov (nancylebov) wrote,
nancylebov
nancylebov

Adam Smith and banking regulation

"Such regulations may, no doubt, be considered as in some respect a violation of natural liberty. But those exertions of the natural liberty of a few individuals, which might endanger the security of the whole society, are, and ought to be, restrained by the laws of all governments; of the most free, as well as or the most despotical. The obligation of building party walls, in order to prevent the communication of fire, is a violation of natural liberty, exactly of the same kind with the regulations of the banking trade which are here proposed." -- Adam Smith, on the need for banking regulations.


This is rather do-my-homeworkish, but what regulations or types of regulations did Smith favor?

Quote thanks to [personal profile] dglenn.

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