Opinion(s) on Adam Smith?

[Caj]

I was wondering what your opinion(s) on Adam Smith is(are)? I'm absolutely convinced that none of the neoliberals that revere him as a god are in any way familiar with The Wealth of Nations beyond a few quotes taken out of context.

[RGacky3]

Adam Smith was the first modern economist, his economics layed the foundation for Marxism and so on.

Adam Smith NEVER advocated total capitalism nor unfettered free trade, infact I doubt he would be a Capitalist nowerdays as capitalism has advanced.

[DarkPast]

It's a complex question. I can see how he laid the foundations for Marxism. Consider:


It is in the age of shepherds, in the second period of society, that the inequality of fortune first begins to take place, and introduces among men a degree of authority and subordination, which could not possibly exist before. It thereby introduces some degree of that civil government which is indispensably necessary for its own preservation; and it seems to do this naturally, and even independent of the consideration of that necessity. The consideration of that necessity comes, no doubt, afterwards, to contribute very much to maintain and secure that authority and subordination. The rich, in particular, are necessarily interested to support that order of things, which can alone secure them in the possession of their own advantages. Men of inferior wealth combine to defend those of superior wealth in the possession of their property, in order that men of superior wealth may combine to defend them in the possession of theirs. All the inferior shepherds and herdsmen feel, that the security of their own herds and flocks depends upon the security of those of the great shepherd or herdsman; that the maintenance of their lesser authority depends upon that of his greater authority; and that upon their subordination to him depends his power of keeping their inferiors in subordination to them. They constitute a sort of little nobility, who feel themselves interested to defend the property, and to support the authority, of their own little sovereign, in order that he may be able to defend their property, and to support their authority. Civil government, so far as it is instituted for the security of property, is, in reality, instituted for the defence of the rich against the poor, or of those who have some property against those who have none at all.


The government of an exclusive company of merchants is, perhaps, the worst of all governments for any country whatever.


Our merchants and master-manufacturers complain much of the bad effects of high wages in raising the price of their goods both at home and abroad. They say nothing concerning the bad effects of high profits. They are silent and regard to the pernicious effects of their own gains. They complain only of those of other people.

But on the other hand, he was definitely not a socialist. Compare the above to:


Nothing can be more absurd than to imagine that men in general should work less when they work for themselves, than when they work for other people.


...law can never regulate (wages) properly, though it has often pretended to do so".


"The rich man consumes no more food than his poor neighbour."

(All quotes are from Wealth of Nations, from a list I've saved previously)

I'm no expert, but I think what he's saying is that the freedom of the market, as unfair as it can be, is better than the shackles of government - which is always unfair.

[RGacky3]

He was not a socialist, sure, but his analysis of economics laid the foundatoin for all modern economics including marxism, keep in mind the nature of the "governments" that were around when he was writing.

[DinodudeEpic]

Well, he's saying that workers that work for themselves (socialism) wouldn't shrink the hours that they work.

The rest are pretty much his hatred for the government controlling the economy.

Note that Socialism wasn't thought of back then. So anyways, Adam Smith seems to be more worried about government control of the economy. Not the workers controlling the means of production.

Besides that, he was a great economic philosopher that I actually agree lot with on, besides me wanting the government to regulate the economy slightly more and providing goods and services. (With worker cooperatives instead of normal companies.)

[Caj]

I think what he's saying is that the freedom of the market, as unfair as it can be, is better than the shackles of government - which is always unfair.

At one point he even seems to suggest that the freedom of the market is completely fair:


The establishment of perfect justice, of perfect liberty, and of perfect equality, is the very simple secret which most effectually secures the highest degree of prosperity to all

[RGacky3]

I don't judge economists by what they advocate only, also on how accurately they can explain the workings of capitalism and the economy.

[Dayna]

Who is Adam Smith??

[La Comédie Noire]

Wasn't Adam Smith totally fucking nuts?

[DarkPast]

Who is Adam Smith??

A Scottish economist and one of the foremost of the British enlightenment (18th century). Author of The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations (the second is usually shortened to "Wealth of Nations"). He is widely considered the father of modern economics and - at least according to the bourgeois media - capitalism.

Unfortunately his personal notes were all destroyed so we know very little about his personal beliefs.