Adam Smith
1723–1790, Scotland (the Scottish Enlightenment: Kirkcaldy, Glasgow, Edinburgh)
Lake Ontario, Lake America, and the Price of Cheap Glory
While rulers quarrel over a name on a shoreline, a 50% steel tariff quietly taxes the living standards of those far from the cameras.
The scene is almost farcical. On one shore of a great lake, a government erects a giant sign proclaiming “Lake Ontario. Now and Always.” On the other, the chief magistrate shares a spectacle of himself kicking down that emblem, raising a “Lake America” sign, and dancing to a popular air. Yet this operatic contest over a name conceals a more serious quarrel. Behind the rhetoric lies an escalating trade dispute, in which a 50% duty is imposed on steel from the northern neighbour, and retaliatory tariffs are levied in return. The eye is drawn to the giant letters on the bank; the real writing, less visible, is in the ledgers of merchants and the household budgets of workmen.
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