Economist Kate Barker on the Free Market

Is a Free Market the vital foundation of a fair, dynamic and creative society? The father of economics, Adam Smith certainly thought so. Since the publication of 'The Wealth of Nations' in 1776 Smith's thoughts on trade and money-making have come to be seen as the theoretical foundations of a rational and rather uncaring form of pure capitalism.

Economist, Dame Kate Barker is keen to put the soul back into Smith, revealing the staunch moral principles that underlined his view of a fair and just capitalist society. She wants to measure today's markets against the standards set by the sage of the Scottish Enlightenment. Would Britain's markets in groceries, homes or financial services bring a smile to Smith's stern visage?

Kate is joined in her quest by Smith's latest biographer Jesse Norman, by housing market analyst Yolande Barnes and by Christine Tacon, the government's grocery market regulator.

This is part of a week of programmes examining how we should live together.