Ethics 10 Adam Smith and the Free Market
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Uploader Comments (wmiller24)
All Comments (12)
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Apprentice NOT a worker. He could hire extra workers.
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Adam Smith did not defend Capitalism, he defended the free market.
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Adam Smith did not mean making a product in one hemisphere at slave labor wages and ship it to another hemisphere where labor is paid a living wage thus destroying that market. If Smith taught that he was wrong. Tariffs must be used to support the import market.
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Monopoly is a terrible example of a free market syste; there are extremely limited resources, and only so much wealth to go around.
Not so in reality. This is the classic "zero sum game" fallacy that drives a lot of misguided thinking.
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what does history have to do with anything?, everybody knows the past has no relevance to the present (well at least thats the impression i get from the way society behaves)
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I'm not sure who says Adam Smith was a "horrible person who tried to enslave individuals" he is revered in the UK for being the father of capitalism and modern economics. He's even got his face on the £20 note!
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wow! thank you... this was very enlightening :) i'll be having a report on smith, ricardo, and keynes and this is indeed helpful... peace and respect!!
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Smith was a good man. I'm a lib socialists and I do believe he would hate modern corporations.
3 years ago 2
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In a ten-minute video, it is difficult to be nuanced. When I mention the problems of capitalism, I am referring to problems that the free market has trouble addressing. In referring to inequality, I am talking about inequalities that are not necessarily caused by the free market, but which remain because free markets are often not entirely free. For example, if certain persons are disadvantaged because of historical factors, it is often times difficult for them to enter the market freely.
wmiller24 3 years ago
In the US, you may have noticed that Barack Obama was elected President. He won support by attacking free market capitalism and promising that he would redistribute the wealth. In the academic world, at least in the US, many liberals love to heap scorn on the memory of Adam Smith by implying that the social and economic injustices of the present day are due to "laissez-faire" capitalism, and hence to the theories of Adam Smith.
wmiller24 3 years ago