The Real Adam Smith
“The interest of the second order, that of those who live by wages, is as strictly connected with the interest of society as that of the first (the landlords). The wages of the laborer, it has already been shown, are never so high as when the demand for labor is continually rising, or when the quantity employed is every year increasing considerably. When the real wealth of the society becomes stationary, his wages are soon reduced to what is barely enough to enable him to bring up a family, or to continue the race of laborers. When the society declines, they fall even below this. The order or proprietors may perhaps gain more by the prosperity of the society than that of the laborers, but there is no order that suffers so cruelly from its decline.” – Adam Smith, The Wealth of Nations
“His employers (the laborer’s) constitute the third order, that of those who live by profit. It is the stock that is employed for the sake of profit, which puts into motion the greater part of the useful labor of every society. The plans and projects of the employers of stock regulate and direct all the most importation operation of labor and profit is the end proposed by all those plans and projects. But the rate of profit does not, like rent and wages, rise with the prosperity, and fall with the declension of the society. On the contrary, it is naturally low in rich, and high in poor countries, and it is always highest in the countries which are going fastest to ruin. The interest of this third order, therefore, has not the same connection with the general interest of the society, as that of the other two.” – Adam Smith, The Wealth of Nations
Clearly, Mr. Smith has been grossly misinterpreted over the years.
Now, who would possibly have such an impetus to deceive the whole world about the nature and function of the economy, in order to simultaneously make a sheit load of money and ruin the rest of the human and environmental world?
I wonder who would do such a thing to themselves and to others in the process?
Cause clearly, these are none but the most psychologically disturbed and delusional people.
And I leave the rest of the world to judge the financial and business leaders of our world for what they really are.
Think about it.