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Most supporters of neoliberalism don't know Adam Smith himself anticipated your observation and argued for the solution - i.e. regulation.
by randomsearch 7y ago
Most supporters of neoliberalism don't know Adam Smith himself anticipated your observation and argued for the solution - i.e. regulation.
- mcv 7y agoAbsolutely. He was strongly opposed to monopolies and cartels, and I believe he even argued for what basically amounts to labor unions. He was incredibly prescient.
- randomsearch 7y agoIndeed. I got downvoted for the above, but Thatcher-Reaganomics involved crushing the unions - exactly the opposite of what Smith would have argued for.
- mcv 7y agoYeah, no idea where your downvotes come from; I upvoted you to compensate. Because you're right. Adam Smith was very aware that a free market requires protecting that freedom, which means regulation. A market dominated by only one or two big players is not free; it needs to be accessible to everybody.