At the very beginning of the industrial revolution, Smith pointed out not only slavery’s vanities and vices, but its economic contradictions.

Adam Smith’s model of free trade, low taxes, deregulation, patent law and sound money (supply-side economics) led to the Industrial Revolution and a 100-fold increase in our standard of living.

But in Adam Smith's view, it was not. On the contrary, he held that commerce and investment having been introduced, each man by trying to help himself, in fact, not only helped himself but all others.

Wonder Land: Inspired by China and Saudi Arabia, Team Biden's vision for U.S. industrial policy is one in which the government explicitly leads; everyone else follows. Images: AP/AFP/Getty Images ...