[hliyan]

Smith's book sits on my bedside stand as I write this. In the hypothetical society he uses in the book (the one with the butcher and the baker), the flow of market information is indeed interpersonal (though he never explicitly states this, to my recollection) and therefore not only carries some level of trust, but is generally peer-to-peer. The state of 18th century news papers and marketing actually supports my point, which is a point that applies to any society with a high level of economic power asymmetry, not just to the modern era.

[ch4s3]

My point about the news environment is exactly the opposite of what you were saying. Commercial news was everywhere in Smith’s day and very much not neutral or lacking bias.