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Public Speech: “Markets, Capital Markets and Globalization”

In: Developments on Experimental Economics

Author

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  • Vernon L. Smith

    (George Mason University)

Abstract

I want to begin with a quotation from David Hume on trade. He was writing in the 18th century in Scotland. David Hume was part of what we call the Scottish Enlightenment, and the two most important figures in the Scottish Enlightenment were David Hume and Adam Smith. And this is David Hume on trade: Manufacturers gradually shift their places leaving those countries and provinces which they have already enriched and plying to others, whither they are allured by the cheapness of provisions and labor, till they have enriched these also and are again banished by the same causes.

Suggested Citation

  • Vernon L. Smith, 2007. "Public Speech: “Markets, Capital Markets and Globalization”," Lecture Notes in Economics and Mathematical Systems, in: Sobei Hidenori Oda (ed.), Developments on Experimental Economics, pages 3-16, Springer.
    • Handle: RePEc:spr:lnechp:978-3-540-68660-6_1
    DOI: 10.1007/978-3-540-68660-6_1
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