Thomas K. McCraw, in The American Scholar (Summer 1992), 181 1 Q St. N.W., Washing- OfNotions ton, D.C. 20009.
Communism has failed, capitalism has won, hour. Yet McCraw, a Harvard historian, doubts and Adam Smith (1723-90) is the hero of the that Smith's laissez-faire version of capitalism is the wave of the future.

Smith had a profound aver- sion to any form of collective action, McCraw notes. For him, individuals and markets were "natural," but institu- tions and organizational h...