Thatcher cut taxes, slashed government spending and curbed the trade unions. She also set out to privatize a great many state assets and industries. It seemed as if Thatcher was giving a great bear hug to Adam Smith.
Economists and politicians have turned him into a mascot for free-market ideology. Some on the left say the right has badly misread him. Prepare for a very Smithy tug of war. (Part 2 of “In Search of the Real Adam Smith.”)