Adam Smith Warns Us About the Dangers of Monopoly and Large Corporations.
Specifically, Smith warns that monopolists will take over the government to manipulate markets in their favor. Fortunately, Smith also tells us how to fight back to make markets open and competitive.
Conservatives of all stripes, along with Libertarians like the Libertarian Party, RAND Corporation, Cato Institute and their ilk read Adam Smith’s The Wealth of Nations, but not his The Theory of Moral Sentiments. It is why they fail to understand his arguments that monopoly and too large corporations that capture markets and make markets uncompetitive are the greatest threat to commercial society.
Adam Smith warns us that greed is bad and that concentrated excessive wealth will ultimately make a nation poorer over time. He explicitly tells us the danger to our prosperity when monopolists and too large corporations conspire with the government to capture markets to their benefit and to the detriment of everyone else in commercial society.
As with all philosophers going back to Ancient Greece and Ancient China, Smith does not believe the working people that make up the lower classes will ever figure any of this out. To be fair, there were no systems of government in his time to give him hope that the masses would one day be able to put their own self-interest ahead of the interests of the ultra wealthy elite.
So when do we the citizen workers wake up to our power and heed Smith’s warnings? When do we rise up to wrest control of our government from the plutocrats? When do we use the power of our government to end monopoly and end the scourge of concentrated excessive wealth?
We can only save ourselves.
When we finally choose to act as independent individuals who put our own self-interest ahead of the Oligarchs’, when we stop fighting over culture, when we use the power of government to breakup monopolies and too large corporations, when we tax the ultra wealthy elite Oligarchs as Adam Smith guides, “not only in proportion to their revenue, but something more than in that proportion,” then we can have a culture, economy and politics that works for all us.
I’m ready to do this. Are you?
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