When, two years later, the Paris Peace Conference wrapped itself around the principle of self-determination, it was automatically assumed that the pr… - Arthur Herman

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When, two years later, the Paris Peace Conference wrapped itself around the principle of self-determination, it was automatically assumed that the principle posed no threat to the existing colonial empires of the victorious powers — the United States included.

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It became a commonplace to say, as we do today, that a market economy depends on people pursuing their own self-interest. But self-interest to a student of civil society such as Adam Smith did not mean avarice or greed. Those were the typical antisocial attitudes of a more primitive state of economy and society, in which the fear of material scarcity is genuine and real. Instead, self-interest in a civilized or “polite” society involves the rational desire to provide goods and services at a profit to an equally self-interested consumer

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