this post was submitted on 01 Dec 2023
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No, the problem with Smith's capitalism is that he's constantly misrepresented
He was descriptive, not prescriptive. He was not an advocate of capitalism, he was explaining it - and if you read the wealth of nations and your takeaway was "Lassie Faire capitalism is a good idea", reread it
I appreciate your critique but I've got to be honest and say that I'm not going to spend any more time in my life trying to justify late stage capitalism. It will eventually be replaced and pass into history like every other economic system, if it doesn't kill us first. ๐ฃ
My point is that Adam Smith wasn't really an advocate of capitalism, he explained it and made a strong case for the necessity of regulation