The father of capitalism says that the interests of business is opposite of that of the Public. (conspiracy, ideology)

[hotair2]

Adam Smith, the father of economics and Capitalism warned that a true laissez-faire economy would quickly become a conspiracy of businesses and industry against consumers, with the former scheming to influence politics and legislation. Smith states that the interest of manufacturers and merchants "...in any particular branch of trade or manufactures, is always in some respects different from, and even opposite to, that of the public...The proposal of any new law or regulation of commerce which comes from this order, ought always to be listened to with great precaution, and ought never be adopted till after having been long and carefully examined, not only with the most scrupulous, but with the most suspicious attention.

Gopnik, Adam. "Market Man". The New Yorker (18 October 2010): 82. http://www.newyorker.com/arts/critics/books/2010/10/18/101018crbo_books_gopnik.


If Adam Smith were alive today undoubtably, he would be called a socialist or communist by rwnjs.

[joebaldknobber]

Wall Street has already been socialized.

[rw47]

Adam Smith is arguing against crony capitalism and stating that laws and regulations which could possibly serve that end must always be looked upon with suspicion.

"The proposal of any new law or regulation of commerce which comes from this order, ought always to be listened to with great precaution, and ought never be adopted till after having been long and carefully examined, not only with the most scrupulous, but with the most suspicious attention."

You liberals crack me up. Thread FAIL.

[helenejen]

It's known as the "Adam Smith Problem." Milton Friedman-type readings have long pushed this idea of "self-interest" as purely utilitarian, only concerned with maximizing profit, which is actually a mis-reading of Smith. The "invisible hand" originates in Smith's The Theory of Moral Sentiments, which is essentially about the importance of virtue, morality, and concern for the public good. This is why newer research is emphasizing the "morality of the marketplace." Self-interest is always supposed to be situated in the "love of the system" that has rules that ensure the public good, as well as the pursuit of self-interest.

[hotair2]

Originally Posted by SamBarrow

Adam Smith is arguing against crony capitalism and stating that laws and regulations which could possibly serve that end must always be looked upon with suspicion.

"The proposal of any new law or regulation of commerce which comes from this order, ought always to be listened to with great precaution, and ought never be adopted till after having been long and carefully examined, not only with the most scrupulous, but with the most suspicious attention."

You liberals crack me up. Thread FAIL.

How is that a thread fail. I agree with your post, but that is not the only thing that he says.

[joebaldknobber]

Adam Smith was laissez-faire.

He was the opposite of a socialist.

Originally Posted by hotair2

How is that a thread fail. I agree with your post, but that is not the only thing that he says.

[rw47]

Originally Posted by hotair2

How is that a thread fail. I agree with your post, but that is not the only thing that he says.

He says that these private entities are likely to attempt to "influence politics and legislation".

This not some type of right wing ideal.

And it's more likely to happen under a more powerful government.

Thread fail.

[joebaldknobber]

Karl Marx would dig America's scene today.

[hotair2]

Originally Posted by SamBarrow

He says that these private entities are likely to attempt to "influence politics and legislation".

This not some type of right wing ideal.

And it's more likely to happen under a more powerful government.

Thread fail.

You can say thread fail as much as you want. Maybe I am not making this simple enough for you. I will try a little harder.


Smith warned that a true laissez-faire economy would quickly become a conspiracy of businesses and industry against consumers, with the former scheming to influence politics and legislation.

Lsissez-faire means basically a hands off approach by govt. in business. This is exactly a right wing ideology.

[TrapperJohn]

But the government is hands-on. In fact both hands, and two arms, and both feet. So if hands-on leads to the current system, what makes you think hands-off would have the same result?