Monday, April 29, 2013

It's not Capitalism, it's EXTREME Capitalism

Paul B. Farrell at MarketWatch decries capitalism for killing our morals and our future. Of course what he is referring to as capitalism is just one version of it. Unfortunately it's the version we currently practice. If you read the comments on this article you'll notice that as is normal there are those who take any critique of our current economic religion as indicating a belief in Marxism or Socialism. Do you think any of those making these types of claims understand that even Adam Smith expressed distrust of unfettered profit seeking? I tend to think not.
People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices. It is impossible indeed to prevent such meetings, by any law which either could be executed, or would be consistent with liberty or justice. But though the law cannot hinder people of the same trade from sometimes assembling together, it ought to do nothing to facilitate such assemblies; much less to render them necessary.
Adam Smith