Smith was ahead of his time in terms of identifying innovation in the use of capital and the division of labour (but not technology per se) and its dependency on the markets. Ricardo, of course, paid small attention to technology and none at all to entrepreneurship. Both men subscribed to the idea of free trade between nations. However, when examined in context, what emerges from Smith’s perspective is that trade should be unhindered when at least one nation, in this case England, held all the marbles. At the time Smith and Ricardo advanced their theories, Britain was supreme on the seas and at home. Her position was assured by high tariffs that protected her growing manufacturing industries and any trade that did take place was carried mostly by British ships