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Milton Friedman, a Nobel laureate, recruited Smith as the patron saint of neoliberal economics in his 1980 book and television series Free to Choose – a manifesto that anticipated Reaganism in the US. He reduced Smith to two claims: that a voluntary exchange benefits both parties and that self-interest is led by an “invisible hand” that unintentionally promotes the public interest. In short: greed is good. In fact, Smith used the phrase “invisible hand” only once in The Wealth of Nations, to describe whether merchants invest their capital at home or abroad – and not, as Friedman claimed, as a general theory of markets.
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