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Article: The Adam Smith address: Adam Smith's legacy and economic transformation of Czechoslovakia. (speech deliverd at the 34th Annual Meeting of the National Association of Business Economics) (Transcript)
- Article from:
- Business Economics
- Article date:
- January 1, 1993
- Author:
CopyrightCOPYRIGHT 1993 The National Association for Business Economists. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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IT IS MOST intellectually stimulating for me to have this unique opportunity to speak here today and, in addition, to be somehow related to the name of the rounding father of economic science, Adam Smith.
As is well known and already taken for granted, Czechoslovakia and other former Communist countries have suffered for many decades under an extremely inefficient, centrally planned and administered system. This was a wasteful system, a system not reflective of human wants and desires. It is not necessary to try to add anything new to the criticism of such a system, because the task of our time today is to replace such a system with a well-functioning, efficient, ...