Globalisation Not the Problem: Absence of Markets is the Problem

As normal Gavin Kennedy has interest things to say with regard to the thinking of Adam Smith. This time he is talking about the relationship between globalisation and markets. Kennedy writes "This local community interests idea is becoming quite popular, as if it is different now from what is was in Adam Smith's day." But he also points out that "In short, living standards [in Adam Smith's day], basic as they were, depended on distant markets. Globalisation is not that new. When markets were absolutely local living standards were dire."