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View Full Version : How did Adam Smith envision capitalism?


SmithSmith
23rd March 2006, 14:10
According to my understanding he envisioned it to be fair but in practice it is not.
Ele'ill
24th March 2006, 00:35
Ok.
SmithSmith
24th March 2006, 03:00
your thoughts?
KC
24th March 2006, 03:02
On what? How did Smith "envision capitalism"? Read Wealth of Nations.
JKP
24th March 2006, 10:12
Well, capitalism came just after his time, since industrialism and wage-labour were
only just beginning to be developed in America.

His defense was primarily of agrarian markets, such as fishing and and animal furs, although it's not to say that he doesn't mention industrialism.

In any event, Smith (and Proudhon) believed that markets would bring about equality. That's obviously not the case.