Heart-Break for Free Market Fundamentalists: Adam Smith Is Not Your Father

If any of you are lucky enough to forget your first capitalist economics class, we are sorry to bring up a bad memory.

Do you remember that Adam Smith was touted as the father of neoclassical economics? You know – the invisible hand. Well, in truth Smith was far from Milton Friedman or the Austrian school. For one thing, Smith would by opposed to the monopoly capitalism of today. Secondly, he believed that the state would be in charge of some industries. Third, Smith was sympathetic to what becomes of workers when their work is specialized. Lastly, Smith, like Marx, believed in the labor theory of value.

Read in The Next Recession by Michael Roberts

Leave a Reply

Your email address will not be published. Required fields are marked *