in support of a nation

The real Adam Smith did not believe in a magically benevolent market which operates for the benefit of all without checks and balances.

Capitalism has to grow up, become less naive, rely less on a blind faith in ‘the invisible hand’ and rely more on an understanding of human nature.

Quoted endlessly by Republicans as their granddaddy of unfettered markets, here’s what Adam Smith actually said:

“When the regulation, therefore, is in support of the workman, it is always just and equitable; but it is sometimes otherwise when in favor of the masters.”