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PhilipBitar.com - Critics - Adam Smith

Adam Smith
Author of An Inquiry into the Nature and Causes of the Wealth of Nations

Bitar proves that my theory of commerce is correct, and he achieves this by establishing a rational understanding of the fundamental principles of commerce based on a rational understanding of ethics. The theory is general, showing that every household is a business and that a government is a business that is a necessary monopoly. The theory shows how a necessary monopoly should be structured and managed to ensure fiscal responsibility and sound pricing. The result is that democracy is an economic necessity. Quite a nice result, if you donít mind my saying so. Bitar also shows how the money supply is most readily understood and how it should be self-regulating.

Bitar goes on to develop a model of social maturation that shows that as a society matures, it moves away from government regulation to ever greater self-regulation, similar to the development of individuals in moving away from parental regulation to self-regulation. As he points out, this has been the overall trend of the last 800 years. Bitar shows that a rating industry is the basis for self-regulation, and he applies the theory to specific issues, showing how to understand and handle issues such as poverty and wealth, charity, health care, social insurance, education, labor, stock market, military draft, globalization, and environment. Finally, Bitar presents a model of taxation that is consistent with the foregoing.

On seeing the scope, the depth, and the creativity of the work, I feel compelled to say that I think that there must have been an invisible hand writing the book.