Who said this in attacking exclusive privileges on the English East India Company- Such exclusive companies therefore are nuisances in many respect…and destructive to those which have the misfortune to fall under their government
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Adam Smith opposed the East India Company s territorial expansion in India but refrained from recommending nationalization of the Company s possessions. His attention was diverted towards the abolition of the Company s special trading privileges that delivered it from competition in the East Indies trade. At the same time Smith highlighted the three duties of the sovereign that a joint-stock operation without an exclusive privilege could very successfully perform namely defence justice and public works. The provision of public works and public institutions that facilitate commerce in general and promote long-term economic growth was consistent with the perfect system of natural liberty and justice Smith avowed. The East India Company continued to discharge these responsibilities until the Indian territories were transferred in 1858 to the British crown.