The Quotation Of The Day Mailing List |
Quotation of the Day for October 12, 2011"Such regulations may, no doubt, be considered as in some respect a violation of natural liberty. But those exertions of the natural liberty of a few individuals, which might endanger the security of the whole society, are, and ought to be, restrained by the laws of all governments; of the most free, as well as or the most despotical. The obligation of building party walls, in order to prevent the communication of fire, is a violation of natural liberty, exactly of the same kind with the regulations of the banking trade which are here proposed." - Adam Smith, on the need for banking regulations. [http://krugman.blogs.nytimes.com/2011/10/09/financial-romanticism/] Submitted by: Reddy, Michael Oct. 10, 2011  |
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