Marking the 250th anniversary year of the publication of the Wealth of Nations, in the second of a series of blogs on the contemporary relevance of Adam Smith’s work, the Insights team take a look at his nuanced, changing assessment of the English Navigation Acts
In The Wealth of Nations, Adam Smith put forward four general principles that he judged a tax system should satisfy. While the economic system then was much smaller and much less complex than now – the revenue required by the state funded a much narrower range of activities – principles are relatively enduring across changes in contexts.