The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
If Greece had its own currency, the country’s crisis would attract little attention. On the contrary, the economic news from Athens would be all too familiar to followers of countries which have trouble increasing their citizens’ average annual income to much above $25,000. Such middle-income countries have a habit of running into fiscal or financial trouble.
Adam Smith, one of the leading figures of the 18th century Scottish intellectual enlightenment, liked free markets and restrained governments. The 21st century campaigns for and against a Scottish political liberation show that governments have acquired an economic importance which Smith could hardly have imagined.