What conservatives ignore in Adam Smith’s message

posted by
May 31, 2011
Christian Science Monitor
by Louis Rene Beres  
Posted in Commentary, PND Commentary

"Through capitalistic modes of production and exchange, therefore, reasoned Smith, an inextinguishable social inequality might still be reconciled with broad human progress. But today’s conservative defenders of Smith usually ignore, either deliberately or unwittingly, the full depth of his rather complex thought. A system of 'perfect liberty,' as Smith called it, could never be based upon any encouragements of needless consumption. Instead, he argued, the laws of the market, driven by competition and a consequent 'self-regulation,' strongly demanded a principled disdain for all vanity-driven consumption."

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