Adam Smith (The "Father of Capitalism") actually wrote TWO main books, and he considered his first book "The Theory of Moral Sentiments" (1759) to be the more important of his two main ideas. Also, rampant capitalists conveniently omit one key word from their favourite quote in his second book "The Wealth of Nations" (1776). He said " .... *enlightened* self-interest."
What do YOU think he meant by "enlightened"?
I don't think he meant for us to allow Rupert Murdoch, Gina Reinhardt, BlackRock and Vanguard to decide what quality of life most Australians should be forced to accept.
Consider this:
When the USA's Second Amendment to the Constitution was written, a firearm was a single-shot flintlock musket or a single-shot flintlock pistol. Either one took about a minute or two to re-load. Nowadays, pre-teens can order an AR-15 Assault Rifle with a Bump Stock from the Dark Web.
Consider this: When Adam Smith wrote his book on Capitalism, Watt's Steam Engine was brand new, the Industrial Revolution had only just begun - it had only really been going strong for a decade or two. It must have been an exciting time - the potential for future wealth would have been thrilling. Even then, steam engines were only used in mining to pump water. The actual mining of coal was still done BY HAND using pickaxes.
Rampant Capitalism is The Death of Nations.
To paraphrase Churchill -- Indeed, it has been said that capitalism is the worst form of economic system except for all those other forms that have been tried from time to time.
(I had an extended conversation with @freemo on this topic last year sometime, but I can't find the thread at the moment)
@soundwave
What do YOU think Adam Smith meant by "enlightened"?
(I'd like to answer that question soundwave)
Well I think he could of meant
- those thinking above the general population, string pullers
- those planning for themselves to becomes enlightened by serving themselves...
- those that have power already
and then 'knowing the way; enlightened by using self-interest against each player in the game
(thereby co-opting others in the same way bringing the higher percentages up the pyramid chain leaving only the feeling to the lower tiers that they got something whilst actually making themselves poorer in more ways)
thanks for your post @soundwave
@soundwave It is as if people think old rules never should be adapted to modern times!
That's not only capitalism, but goes for a boatload of other things as well. It's quite silly.