Adam Smith’s America: How a Scottish Philosopher Became an Icon of American Capitalism
Glory M. Liuamazon.com
Adam Smith’s America: How a Scottish Philosopher Became an Icon of American Capitalism
The whole of the advantages and disadvantages of the different employments of labour and stock, must, in the same neighbourhood, be either perfectly equal, or continually tending to equality. If, in the same neighbourhood, there was any employment evidently either more or less advantageous than the rest, so many people would crowd into it in the on
... See moreAdam Smith • An Inquiry into the Nature and Causes of the Wealth of Nations
IN OUR SOCIETY, the increased production of goods—privately produced goods—is, as we have seen, a basic measure of social achievement. This is partly the result of the great continuity of ideas which links the present with a world in which production indeed meant life. Partly, it is a matter of vested interest. Partly, it is a product of the elabor
... See moreJohn Kenneth Galbraith • The Affluent Society
“As the philosopher Michael Sandel has argued, in recent decades, subtly but relentlessly, we have been moving from a market economy to a market society. Increasingly, to be valued, an asset or activity has to be in a market. For example, Amazon is one of the world’s most valuable companies, yet the Amazon region appears on no ledger until it is st... See more
The Economist • Mark Carney on how the economy must yield to human values
American capitalism also developed at a time when the government share of GDP was minuscule. As a result, entrepreneurs’ only route to success was to win in the marketplace, because the penniless government had little to offer. This is very different from the situation faced by latecomer industrial powers, such as the Asian tigers (Hong Kong, Singa
... See more