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Given that Smith created capitalism in order to argue against cronyism (NOT socialism), it seems odd to criticize capitalism for cronyism.
by AlexeiSadeski 14y ago
Given that Smith created capitalism in order to argue against cronyism (NOT socialism), it seems odd to criticize capitalism for cronyism.
- rskar 14y agoSmith "created capitalism"? Per Wikipedia (http://en.wikipedia.org/wiki/Capitalism http://en.wikipedia.org/wiki/Capitalism): "The term capitalism, in its modern sense, comes from the writings of Karl Marx." You may want to read its section "Etymology and early usage" for more perspective. Then look up Adam Smith and "The Wealth of Nations".
- AlexeiSadeski 14y agoOne needn't coin the term to have created something. Marx came after Smith - Marx's writings were in response to capitalism. Smith's writings were in response to mercantilism/cronyism/protectionism/imperialism.