Part I yesterday explained Adam Smith’s notion that general human betterment was the unintended result of each individual following his own self-interest in the market arena of voluntary and competitive exchange. Adam Smith considered such natural order far superior to attempts by government, by those in political power, to design and impose an order and coordination in the actions of the members of society.

Echoing his earlier warnings about the social engineer, that “man of system,” Smith stated:

By pursuing his own interest [the individual] frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good . . .

What is the species of domestic industry which his capital can employ, and of which the produce is likely to be of the greatest value, every individual, it is evident, can, in his own situation, judge much better than any statesman or lawgiver can do for him.