The Father Of Capitalism Was Not A Capitalist
Adam Smith would have denounced modern capitalism and would have called for cooperation on climate change.
In 2022, the entire global economy is based upon principles described in a single book that was published in 1776. It is widely believed that the underlying beliefs of the author was that a free people who were allowed to pursue their own self-interest could create an economic system that would self-regulate — the result would be a prosperous and vibrant capitalist society.
The book was titled “An Inquiry into the Nature and Causes of the Wealth of Nations” and the author was none other than Adam Smith.
Context is everything, and when it comes to Adam Smith’s famous book “The Wealth of Nations,” context usually gets lost. Widely regarded as the “Father of Economics” and the “Father of Capitalism,” Smith was, in fact, neither an economist nor a capitalist.
Adam Smith was a highly educated and well-traveled Scottish professor of moral philosophy, and he believed that the path to economic prosperity was via cooperation and philanthropy. Every single western billionaire today can thank Adam Smith for their fortune, and their right to keep it, since his principles, as they have been interpreted and applied, are what have…
