All of these promises are premised on the fundamental idea that governments and, more precisely, those who hold political office and power can successfully redesign and “plan” aspects of society considered more “socially just” or economically “fair.”
These are old ideas, tried many times in many places. And everywhere they have created corruption, favoritism, and stagnation or at least slower growth and less material improvement than otherwise might have been the case.
What actually makes for a more just society experiencing greater opportunity, improved conditions and rising standards of living for virtually all over the long run? In a nutshell, three words: freedom, competition and trade. These are the “open sesame” to alleviate poverty, privilege, and inequity in society.
All of this was first explained with clarity, some times eloquence, and always logical and historical insight and wisdom by the Scottish moral philosopher and political economist, Adam Smith (1723-1790) in his great book, An Inquiry into the Nature and Causes of the Wealth of Nations, which was published 240 years ago on March 5, 1776.