Adam Smith
1723–1790, Scotland (the Scottish Enlightenment: Kirkcaldy, Glasgow, Edinburgh)
Closing Hormuz: How to Make the Poor Pay for Other People’s Glory
When a narrow strait becomes a stage for grandeur, the bill is quietly sent to every humble kitchen that boils its pot with dearer fuel.
The Strait of Hormuz is, by the accounts placed before me, a kind of narrow neck through which a great part of the world’s energy must pass. Shipping data now record that, since Iran first closed this passage in early March following US‑Israeli strikes on Tehran, traffic has fallen from fifty vessels in a few days to thirty‑three in the like interval. The closure has already triggered what is called a global energy crisis. In my own time, I observed a pin‑factory and drew from it the doctrine that the division of labour is limited by the extent of the market; here we see the same principle, not in a toy of wire, but in the arteries of world commerce.
Read the essay