This paper relates Smith’s dictum that “the division of labor is limited by the extent of the market” to evidence from anthropology and sociobiology to offer an increasing returns model of the evolution of exchange institutions from autarky, through various intermediate stages, and finally to monetary exchange as the extent . . .
The market is the most humane solution so far devised to the perennial problem: what do we do about the masses?
It is the fashion today, of course, to deny that the masses are a problem at all. Leon Trotsky famously argued that after the rationalization of life following the revolution, . . .