Frank wrote on Feb 5
th, 2025 at 12:37pm:
thegreatdivide wrote on Feb 5
th, 2025 at 9:56am:
Frank wrote on Feb 4
th, 2025 at 10:09am:
It is true that capitalism often permits or encourages vile behaviour; but it should never be forgotten that its founding theoretician, Adam Smith, was a moral philosopher who commenced his great book,
The Theory of Moral Sentiments, with the following elegant, and even beautiful, words:
"How selfish soever man may be supposed, there are evidently some principles in his nature, which interest him in the fortune of others, and render their happiness necessary to him, though he derives nothing from it except the pleasure of seeing it."
Just in case you haven't kept up: Smith developed his 'paradox' re self-interest also serving the community's interest via 'invisible hand' markets, before the Industrial Revolution rendered craftsmen who competed to produce (with pride in their workmanship) boots, bread and chairs obsolete, with production via machines owned by capitalists and operated by low-wage slaves - no pride involved anymore
Now of course robots which need computer programers and engineers to keep them in good order produce the consumer goods, again no pride involved ( (just a competition between robots...)
Increasingly, capitalism and invisible hand markets are becoming dysfunctional, while "cash-strapped" governments are incapable of dealing with cost of living and housing crises.
As is allocation of productiuon via 'comparative advantage'** in global supply chains - which Trump is now complaining about.
** google David Ricardo:
David Ricardo’s theory of comparative advantage is now two centuries old, but it remains at the heart of economists’ theories of international trade. It also continues to provide the underlying economic ethic for liberal International Political EconomyBut Trump is not pleased by the outcome of this "free trade"/"liberal international economy"....regardless of whether his competitors are allies or foes.
The title of this thread is at best simple-minded, blind ideology - an aquascoot speciality.
Zzz zzz.....
A grap's speciality (in lieu of debate); but I see something follows, let's read on:
Quote:My quote has nada to do with the invisible hand, parrot.
But the topic here is "why capitlaim rocks..." you are as blindly ignorant of the topic as Smith's musings in the quoted essay are irrelevant to it: capitalism is based on Smith's propositions
in another book positing the 'invisible hand'.
Quote:And as even the dumbest 12 year old knows ( but not you), and as it is spelled out in my post, the Adam Smith quote comes from his Theory of Moral Sentiment.
...which is actually in opposition to the
self-interest at the basis of his " invisible hand" construct in his more famous book, the 'Wealth of Nations' (1776, written almost 2 decades after the quoted passage) and which is held out as the basis for the 'efficacy of capitalism'.
eg.
Smith: "
"How selfish soever man may be supposed, there are evidently some principles in his nature, which interest him in the fortune of others.... Yes, hence 'socialism' (based in concern for the fortunes of others) sought by Marx a century later....
Smith:
".. and render their happiness necessary to him...
The "happiness (of others)" is a concern to those with a sense/awareness of
justice and fairness , it is NOT "necessary to him" ie, the self-interested individual taking pride in his craftmanship - no longer relevant - in a competitve market, except in as much as its absence offends a sense of justice and fairness.
Quote:What is today called an economist was called a moral philosopher in the 18th century. Smith was a prominent moral philosopher of the Scottish Enlightnment (which is different in significant aspects from the French one).
Yes; and the present topic is "why capitalism rocks", not Smith's moral philosophy, do try to keep up.
Quote:Parrot on regardless. You know you will.
...On a (probably) hopeless endevour to educate you,
but hopefully some others reading these pages will learn....
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