Doxos

Adam Smith’s dislike of Capitalism…

The poor man’s son, whom heaven, in its anger, has visited with ambition, admires the condition of the rich. Through the whole of his life, he pursues the idea of a certain, artificial and elegant repose, which he may never arrive at, for which he sacrifices a real tranquility that is at all times in his power, and which, if in the extremity of old age, he should at last attain to it, he will find to be in no respect preferable to that humble security and contentment, which he had abandoned for it.

Power and riches appear then to be what they are, enormous machines contrived to produce a few trifling conveniences to the body. They keep off the summer shower, not the winter storm, but leave him always as much and sometimes more exposed than before to anxiety, to fear and to sorrow, to diseases, to danger and to death.

— From Adam Smith’s Theory of Moral Sentiments 1759. Quoted on NPR’s Speaking of Faith.

Huw wroted this on February 5th, 2009

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2 Responses to “Adam Smith’s dislike of Capitalism…”

James of Chicago
February 5th, 2009 at 7:41 pm

I'm not sure if Adam Smith is arguing here against capitalism as a whole. It seems like he's arguing against the effect it has on poorer folk to live beyond their means and the false sense of security it produces in the rich and powerful. Capitalism is not perfect but it sure beats the feudalism that came before Smith's day – which didn't even keep off the summer shower – and the communism that came after – which brought on the winter storm.

Huw
February 6th, 2009 at 3:10 pm

Correct. Perhaps I should call the title should refer to "mistrust" of capitalism. I don't agree about either feudalism or communisim, btw. As human economic systems they all fall short of the Kingdom as capitalism does. And, for what it's worth, all such human systems fall *so very far short* that it seems petty to say one is better than the other in that regard. I like some things about each – and dislike things as well. I pray I'd find ways to be CHristian in each – although I'm still working on this one.