1776 the Scottish economist and philosopher, Adam Smith, released his
magnum opus, “The Wealth of Nations” and laid the foundation for
classical economic theory – and modern Capitalism.
The world at that time was significantly simpler in many ways than
it is today, and our knowledge of economics, sociology, and politics
has advanced considerably since then. But underneath all of our
modern-day complexity, the economic foundation is the same:
Capitalism – private ownership of the means of production and their
operation for profit.
As an economic system, it has served us very well. In the last
couple of centuries, our industrialised societies have developed at a
totally unprecedented speed, both economically and technologically.
And the enormous wealth generated is mainly attributed to Capitalism.
It can come as no surprise then, that Capitalism is often viewed as a
universal panacea for all the ills of society, and as an ideal…
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