Tag: Invisible Hand
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Confirmed: Industry Self-regulation is a Myth
In October of 2008, the chairman of the Federal Reserve, Alan Greenspan, admitted to Congress and the viewing public that free markets cannot regulate themselves. This is imporanat because I think it may have been missed by the great majority. Here we have an admission by one of the highest ranking members of our society…
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The Economic Theory Based Entirely on Sentimental Hope – Smith vs. Ricardo
Is it strange that classical English economists Adam Smith and David Ricardo based a lot of their economic theory on sentimental hope? That the capitalists of their time would make economic decisions based on their sense of patriotism? Adam Smith considered the possibility that the merchants and manufacturers in England might decide to do their…
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Will the Real Adam Smith Please Stand Up!
Excerpted from Class Warfare, 1995, pp. 31-36 DAVID BARSAMIAN: One of the heroes of the current right-wing revival… is Adam Smith. You’ve done some pretty impressive research on Smith that has excavated… a lot of information that’s not coming out. You’ve often quoted him describing the “vile maxim of the masters of mankind: all for…