Tag Archives: Adam Smith

Capital as power and class struggle explained by… Adam Smith?!

In any given society, there is no freedom of contract between capitalist and worker, whose interests are essentially opposite. The power of a landlord, a manufacturer, a merchant resides in his wealth, explaining the inherent subjection of laborers, which lack almost any … Continue reading

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Adam Smith: “Consumption is the sole end and purpose of all production.”

Adam Smith: “Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to only so far as it may be necessary for promoting that of the consumer.” Smith, Adam. 1776. … Continue reading

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After Adam Smith: A Century of Transformation in Politics and Political Economy

In After Adam Smith: A Century of Transformation in Politics and Political Economy Murray Milgate & Shannon C. Stimson remind us that many intellectuals shaped different ways of thinking about economics and politics after Adam Smith- Thomas Malthus, David Ricardo, James Mill, … Continue reading

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Pillars of Prosperity: The Political Economics of Development Clusters

“Little else is required to carry a state to the highest degree of opulence from the lowest barbarism, but peace, easy taxes, and a tolerable administration of justice; all the rest being brought about by the natural course of things”, … Continue reading

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Noam Chomsky on Adam Smith and “Invisible Hand”

An extra scene from an interesting documentary American Feud: A History of Conservatives and Liberals (2008/2017). Here, Chomsky explains that the conventional notion of “invisible hand” is mistaken and that though praised by conservatives and mainstream economics, it actually reflects Smith’s … Continue reading

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