
On Adam Smith's "The Wealth of Nations"
New Books in Economics
00:00
Feudalism and Democracy
Feudalism was the system of downward dependency. As feudalism faded and trade increased, democracy increased as well. Now an individual could trade with whomever they wanted instead of giving their goods to only their lords. The advent of societies based primarily on exchange introduced order, good government and liberty for individuals.
Transcript
Play full episode