Re-Visiting Adam Smith

Discussion in 'Current Events' started by wkmac, Mar 9, 2012.

  1. wkmac

    wkmac Well-Known Member

    Adam Smith versus Business
     
  2. 804brown

    804brown Well-Known Member

    Here we go again: "Governments should do nothing..." This is the same thing we have been hearing for 3 decades now . Let the "market" decide as though it is some perfect arena that always makes the right decisions. Fact is it doesnt make the right decisions. But before we decide what kind of economic system is fairer and works for everyone, we need to have a democracy. Currently we live in a plutocracy in which both "markets" and government are owned by the 1 % who own or control 90% of the wealth in this country.

    We should not idolize one famous economist such as adam smith as though he alone and his views are the only answer just as we should not idolize people like marx or ricardo. Creating a just and fair society means using all of the ideas that are out there and using what is good about each idea or system . It does not have to be pure market fundamentalism or pure marxian socialism. If both government and the "free market" are controlled more democratically, maybe a good hybrid economic system CAN solve our problems.