Oct 27, 2018
“The pretence that corporations are necessary for the better government of the trade is without any foundation. The real and effectual discipline which is exercised over a workman is not that of his corporation, but that of his customers. It is the fear of losing their employment which restrains his frauds and corrects his negligence. An exclusive corporation necessarily weakens the force of this discipline.”
- Adam Smith, The Wealth of Nations. 1776. Book I, Chapter X, Part II.
