A lot happened in 1776. Thomas Jefferson penned the Declaration of Independence and Adam Smith’s The Wealth of Nations was published. While Jefferson, a lawyer, wrote about an inalienable right to “life, liberty, and the pursuit of happiness,” Smith, an economist, wrote about an “obvious and simple system of natural liberty” based on markets and voluntary exchange. Now, 250 years later, what accounts for the rise of Socialism in the United States?
Kenneth Elzinga, Robert C. Taylor Professor of Economics at the University of Virginia, joined us to discuss multiple reasons, among them one that is foundational and goes back to the book of Genesis.
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