Do you feel capitalism has evolved away from Adam Smith's original intention?

1. 81

   Danette Wattposted 13 years ago

   Do you feel capitalism has evolved away from Adam Smith's original intention?

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2. 60

   mathsciguyposted 13 years ago

   Not sure really if it can be said that Adam Smith had an intention towards capitalism.  After all, he didn't really invent it, did he?  Just examined and put it into systematic study.
   I'm no economist, but you might enjoy reading some of the work of John Nash on game theory as it relates to economics.  As far as a historical point-of-view goes though, don't listen to me!!

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3. 81

   Danette Wattposted 13 years ago

   Well, you're right, he didn't "invent" capitalism. My politics was showing there. The point I was getting at is that capitalism doesn't always work (in my opinion) especially for those on the lower rungs of the economic ladder.
   
   I'll have to look into John Nash. If I recall correctly, a movie was made of his life, A Beautiful Mind, with Russel Crowe.

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4. 57

   John Bethkeposted 12 years ago

   Read Ayn Rand's Capitalism: The Unknown Ideal. She will answer many questions regarding Capitalism.
   
   Rand did comment on Smith's concept of trading guided by an invisible hand.  Rand dismissed the invisible hand concept due to the fact that it implied men are guided by some mystical power, rather than their own volition.
   
   There is no third party in capitalism - neither an invisible hand, a government, a king, or a man holding a gun to your head.  Capitalism includes only traders voluntarily exchanging value based on their rational self-interest.

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5. 95

   watergeekposted 11 years ago

   From what I've read, economists have been operating on the Ayn Rand version of capitalism for a long time. That's what is not working. THat's what's causing the huge disparity in income levels. I remember reading Atlas Shrugged and being impressed by it. Then I read her next one and was NOT impressed. In fact, that one got me worried. And I'm seeing the results of it now, even as I still hear government officials touting her theory as the ideal goal.

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