When Adam Smith proposed the Invisible hand as the sole driver of the markets. He proposed that it was self interest of individuals, not grouped individuals who create a class system.
I feel capitalism has misconstrued this idea of Adam Smiths’ and turned it into another oligarchy/social caste culture by equating individual interests with grouped individual interests which are prioritised by power/influence.
For example - Start ups in business aside; all companies are run by a board of directors (main shareholders) - this does not factor in the voices of production/employees and other groups that make up an economy. It’s perverted by a culture of greed and unfair practices of competition.
Edit: no politics please, just sociology of economy or philosophy of economy
I’ve never read Smith’s “The Wealth of Nations” but I’ve read it will forever influence the way that you look at capitalism and the economy. Apparently it’s quite a tome though as it is an old book.
I do think free trade is still the best economy. In the case of my country I just wish there were more safety nets put into place. When most of the money is held my an elite 1% it ceases to be true capitalism. Just my 2 cents on the matter.
I hope that wasn’t too political and I apologize if I crossed the line on your thread, @MisterApple.
Same, yeah, Adam Smith was saying that’s not what capitalism (a word that mostly evolved as a concept) is meant by Adam Smith, to him it was the idea that every constituent group of the economy has a monetary voice (including the poor).
Hence the thread - it’s like in physics, general relativity originally about shapes is now about abstract things because of perversion by the academic community - I guess that’s my point (less so the politics but more so the phenomena of “Chinese Whispers”)
