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View Diary: Crumbs much too small for the other Whos' mouses (199 comments)

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  •  oh, and by the way... (0+ / 0-)

    ...if you want proof positive that capitalism is, in fact, one of the dumbest and least effective economic systems on the planet, you need look no further than capitalism's key proponents...Adam Smith...who predicated his entire theory on the assumption that the "free-enterprise" system of capitalism has a built-in "invisible hand" that would required companies and corporations doing business to "self-regulate."

    Well...we've seen, time after time, that that "invisible hand" of "self-regulation" is just a giant, ludicrous, idiotic belief with not basis in reality or fact since there is overwhelming proof that the capitalistic system has no concern whatsoever about "self-regulating" itself.

    •  Ah, I see that you have bought into the lies (0+ / 0-)

      of the Market Fundamentalists about Adam Smith, who had some of the nastiest things to say about Laissez-Faire and businessmen in general ever penned. Let's start with

      Everything for ourselves, and nothing for other people, seems, in every age of the world, to have been the vile maxim of the masters of mankind.
      He was vehemently pro-worker and anti-management in their disputes, and vehemently pro-public on the baleful influence of business on politics.

      The Invisible Hand is an observation that in uncoerced markets supply and demand result in an efficient allocation of resources that no human planner could have managed. It does not take away from the facts that Smith also emphasized, that the poor, in particular, are heavily coerced, and that extracting economic favors from governments is also economic coercion and also has seriously bad consequences.

      Among all economists before him, Karl Marx had the highest regard for Smith. (Marx gave an excellent diagnosis, but a quack prescription, on a par with most of both economics and medicine at the time.)

      America—We built that!

      by Mokurai on Sun Dec 16, 2012 at 12:37:59 PM PST

      [ Parent ]

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