
The famously polarizing father of capitalism
Ideas
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The Duality of Adam Smith's Legacy
This chapter analyzes the complexities of Adam Smith's economic theories, particularly on labor and capital, contrasting free trade with protectionist views. It delves into the moral implications of specialization, using the pin factory metaphor to illustrate both productivity and the psychological costs to workers. Ultimately, the discussion advocates for a balanced approach to maximize the benefits of labor division while addressing its ethical challenges in contemporary society.
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