Adam Smith believed governments can and should intervene, that oversight is crucial, and excess political influence from economic power was dangerous.
Of course, what we have now is hardly capitalism, but more like a kleptocracy where money gets siphoned to a few who are stealing from the many.
With high-frequency trading dominating the market, frontrunning, permanent bailouts, [...]
Posts Tagged ‘Adam Smith’
The Father of Capitalism did not believe in unrestrained capitalism
What we have now isn’t capitalism
(By DJ, promoted from the comments here to America’s love affair with capitalism a fatal attraction?)
Before we talk about America’s self-destructive love affair with capitalism, we need to define it. So many still fail to make the distinction between capitalism, as envisioned by its “father” as markets regulated by a central government, and economic anarchy [...]
