Enkers , 9 months ago (edited 9 months ago)

Adam Smith Institute

I always find it kinda funny when the right turns to Adam Smith. Smith thought that the free market would free us from the monopolistic tendencies of the mercantile system. (Although he wouldn’t have written it as such, as the term ‘monopoly’ wasn’t nearly as taxonomically precise as it is now.) If he was alive today, he’d probably be rather dismayed at the failures of capitalism.

But then again, I guess that’s the right’s shtick: coopt any idea that they can and pervert it to benefit the ultra-wealthy.

Anyways, here’s Smith:

The object, besides, of the greater part of the bye-laws of all regulated companies, as well as of all other corporations, is not so much to oppress those who are already members, as to discourage others from becoming so; which may be done, not only by a high fine, but by many other contrivances. The constant view of such companies is always to raise the rate of their own profit as high as they can; to keep the market, both for the goods which they export, and for those which they import, as much understocked as they can: which can be done only by restraining the competition, or by discouraging new adventurers from entering into the trade. (The Wealth of Nations V.i.e.10)