Adam Smith (1723-1790) predicted the financial crisis of 2008. Well, sort of. He favored numerous small producers over a few large ones, especially where the big companies were corporations, which he loathed because they were generally so poorly governed. After examining the historical record and thinking through the economic incentives...

The Constitution crackled as it burned, fifty of its avowed enemies looking on with gleeful eyes, the sweet stench of freshly fired muskets filling their nostrils. People love to burn that which they hate. Flames regularly consume effigies, flags, draft cards, braziers, and despised decrees. As a corollary, people hate...