The idea of capitalism as an expression of economic freedom that also secures moral and political freedom of thought, or the notion that free-market economies are guided by an impartial mechanism of supply and demand - an invisible hand to use Adam Smiths metaphor - are both powerful indoctrinating notions. As such, they bear little resemblance to actual reality. Smith himself never used the word capitalism, preferring to call his economics a system of natural liberty. In fact, the inner logic of capitalism can be difficult to get hold of simply because there have been different configurations of capitalism throughout history. In its classic form, before the advent of corporations (when there was still an implicit sense of social responsibility, and insatiable greed was considered a vice), capitalism might have appeared less virulent. Additionally, there is reason to believe that capitalism unfolded differently in different countries with distinct political and legal frameworks.
Posted on: Fri, 27 Jun 2014 00:00:18 +0000
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