tag:blogger.com,1999:blog-2778743155448259302.post2685406373002351160..comments2023-01-17T08:20:40.994-08:00Comments on Practical Distributism: Has Smith's Capitalism Ever Been Tried?David W. Cooneyhttp://www.blogger.com/profile/03447605091816577300noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-2778743155448259302.post-71786420243616521892014-12-08T11:08:55.046-08:002014-12-08T11:08:55.046-08:00Kristin,
While Moral Sentiments may be a factor i...Kristin,<br /><br />While Moral Sentiments may be a factor in mitigating the potential effects of his capitalism, you need to keep in mind that the key factor in his theory is the idea that everyone acting for their own self-interest, which he declared meant that they did not consider the needs of others and acted without regard to those needs, would ultimately lead to greater prosperity for all. Because of this, other than avoiding fraud and theft, followers of Smith typically argue that ethics is a separate thing from economics. <br /><br />It needs to be immediately noted that his followers do not advocate unethical behavior. The point is that they consider ethics to be a private thing that is completely separate from economic decisions. In the end, we can argue theories endlessly without reaching any real conclusion. Therefore, I encourage you to read the follow-up article to this one where I look at real-world examples.<br /><br /><a href="http://practicaldistributism.blogspot.com/2014/12/have-smiths-theories-been-proven-to.html" rel="nofollow">Have Smith's Theories Been Proven To Work In Spite Of Government Meddling In Economics?</a><br /><br />The point is this. Smith's theories assume many things that I don't think can be assumed. It assumes that both employers and employees are in an equal bargaining position when negotiation wages. It assumes that competitors in a market are in an essentially equal position when competing against each other. It also assumes that there will be no immoral activity. <br /><br />I say that his theories assume these things because they don't seem to provide any means of correcting - or even mitigating - the situation when that does not happen. Additionally, modern commentators (including some some of those you mention) decry when actions are taken to correct these situations by anything other than the "free" market even though there is absolutely no evidence that what they consider to be a free market ever will - or ever has - corrected these things on its own.<br /><br />Here are a couple of other articles that may help address your questions.<br /><br /><a href="http://practicaldistributism.blogspot.com/2013/12/distributism-basics-science-of-economics.html" rel="nofollow">The Science of Economics</a><br /><br /><a href="http://practicaldistributism.blogspot.com/2014/05/wages-minimum-market-or-just.html" rel="nofollow">Wages: Minimum, Market or Just</a><br /><br /><a href="http://practicaldistributism.blogspot.com/2013/12/utopia.html" rel="nofollow">Utopia</a><br />Practical Distributismhttps://www.blogger.com/profile/05726967836523471352noreply@blogger.comtag:blogger.com,1999:blog-2778743155448259302.post-26047802941041711952014-12-07T22:59:17.580-08:002014-12-07T22:59:17.580-08:00I read this article of yours with great interest &...I read this article of yours with great interest & the whole time I was reading, I kept thinking, but wait, couldn't it be even better with Smith's ideas fully implemented? I have not read Smith, but have heard much about him from Glenn Beck & his cohort, Austrian economist, Matt Kibbe. One thing they've said often is that Smith's _Wealth_ cannot work without his other work _Moral Sentiments_ also applied. And maybe the latter includes the Catholic concepts of solidarity & subsidiarity, but Beck & Kibbe have both impressed upon the importance of these Catholic concepts for a thriving society, as well. As Al Kresta says, "Build the Church, bless the nation." Looking forward to your next posts.Kristinhttps://www.blogger.com/profile/05598436616525333127noreply@blogger.com