RSS 2.0 FeedBank Of England Honors Adam Smith
by Doug MataconisAdam Smith is widely regarded as the father of free-market capitalism, and that status will be honored by the Bank of England
The contribution of world-renowned 18th century philosopher and economist, Adam Smith, is to be acknowledged on a new-design £20 banknote the Bank of England is to introduce into circulation next Spring. Changes to the design mean that the note will start a new series of Bank of England banknotes.
Making the announcement yesterday, Bank of England Governor, Mervyn King, said, “It is such a pleasure to use the occasion of the launch of a new series of notes as an opportunity to recognise Adam Smith’s contribution to the understanding of society and its development. Smith’s insights into human nature, the organisation of society, the division of labour and the advantages of specialisation remain at the heart of economics.†The Governor was giving the Adam Smith Lecture at the Adam Smith College, Kirkcaldy, Fife.
“As the central bank for the United Kingdom, the Bank of England is in a privileged position to acknowledge the enduring contribution of its most talented citizens over their lifetime to the advancement of society. Our choice of Adam Smith reflects the keen importance we attach to that position and the place of the notes themselves as a record of Britain’s heritage.â€
As Glenn Reynolds said, perhaps this means we need to put Milton Friedman on the new $ 1 coin.
