– Washington’s Blog –
The father of modern economics – Adam Smith – is used as a poster child to support the status quo that we have today. Smith is invoked as the patron saint of free market economics.
In fact, Smith would neither recognize or approve of our current financial, monetary, economic or legal systems.
I noted last year:
Americans have traditionally believed that the “invisible hand of the market” means that capitalism will benefit us all without requiring any oversight. However, as the New York Times notes, the real Adam Smith did not believe in a magically benevolent market which operates for the benefit of all without any checks and balances:
Smith railed against monopolies and the political influence that accompanies economic power …
Smith worried about the encroachment of government on economic activity, but his concerns were directed at least as much toward parish councils, church wardens, big corporations, guilds and religious institutions as to the national government; these institutions were part and parcel of 18th-century government…
Smith was sometimes tolerant of government intervention, ”especially when the object is to reduce poverty.” Smith passionately argued, ”When the regulation, therefore, is in support of the workman, it is always just and equitable; but it is sometimes otherwise when in favour of the masters.” He saw a tacit conspiracy on the part of employers ”always and everywhere” to keep wages as low as possible.
more http://www.washingtonsblog.com/2011/07/adam-smith-would-neither-recognize-or.html
I always note when mentioning Adam Smith, that has nought to do with my name. lol. And I am not a fan of him or his modern day (often anglozionist) following. Why mention this you ask? Because once I posted an article by Mike Adams and a dear reader (bless ya if you’re still around) responded to me like I was Mike Adams. Which was flattering, but nonetheless I figured had better be corrected asap.