this post was submitted on 23 Jan 2025
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Respectfully, Adam Smith did not invent capitalism. He is seen by some as the father of it. But much like marx and Lenin and many others. Put together a popular outline of the thought at the time.
Even then he needs to be understood in the context of the times he lived in. He was very Progressive and educated for his time. But even if he believed that government should have some say in capitalism. Government back then meant wealthy white land owning males. I.E the capital class. I.E Capital controlling capital. Not the workers. Not women. Capitalism has always been about oligarchy. It was literally a response by the mercantilist class against the Royals.
Neither capitalism or socialism works for anyone but the vanguard/oligarchs.
You can't just define capitalism however you want.
Most people understand that businesses need regulation, that's the point and basis of so many agencies and bodies that it's almost comical.
The real argument is how heavily it should be regulated. Yes, some folks, particularly those with a lot of capital don't want regulations. That no more means capitalism itself doesn't want or need regulations than say, a soccer player with a strong punch who wishes you could just punch other players means soccer wants players to be able to punch each other in the head.