● Covered by 1 source · 1 reportLow impact1 negative
Critique of Paul Atkins' Interpretation of Adam Smith and American Founding Principles
Key points
- Paul Atkins linked Adam Smith's "Wealth of Nations" to the American founding.
- Jefferson acquired Smith's book years after drafting the Declaration of Independence.
- Founders warned against economic factions, which Atkins omitted.
- Atkins' interpretation is seen as justifying a deregulatory agenda.
Atkins' Historical Claim
On June 30, Paul Atkins, chairman of the Securities and Exchange Commission, stated that the Declaration of Independence and Adam Smith’s “Wealth of Nations,” both from 1776, share the conviction to “trust the individual, not the institution.” He suggested that America’s founding documents reflect Smith’s themes and that the founders built a governing framework around liberty, wary of concentrated power.
Critique of Historical Linkage
The article argues that Atkins turns the coincidence of 1776 into an invented kinship and influence to support a deregulatory agenda, including a retreat from cryptocurrency enforcement. It points out that Thomas Jefferson acquired "The Wealth of Nations" between 1784 and 1789, years after drafting the Declaration of Independence. Jefferson himself stated he consulted no books or pamphlets while writing the Declaration, describing it as an expression of the "American mind" reflecting "harmonising sentiments of the day" from sources like Aristotle, Cicero, and Locke.
Omission of Economic Factions
The author contends that Atkins' interpretation uses Smith's defense of free markets to justify weakening public oversight of financial interests. Atkins' list of dangers includes crowns, parliaments, and bureaucracies, but omits economic factions. James Madison, in Federalist No. 10, warned that the "most common and durable source of factions has been the various and unequal distribution of property," specifically mentioning landed, manufacturing, mercantile, and moneyed interests as potential threats to republican government.
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Reporting from
This article criticizes Paul Atkins, chairman of the Securities and Exchange Commission, for misinterpreting the historical relationship between Adam Smith's "Wealth of Nations" and the American founding documents. The author argues that Atkins incorrectly links these historical elements to justify a deregulatory agenda, particularly concerning cryptocurrency enforcement. The piece highlights that Jefferson acquired Smith's work years after drafting the Declaration of Independence and that the founders also warned against economic factions, a point Atkins omits.