The Importance of Empathy in the Commercial World

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Adam Smith is particularly relevant for us now because some of the issues that he has been doing in the future. He could argue he foresaw the current modern state of India, not exactly. But anyway, no, no, he was actually right. And we are now sort of looking back at Adam Smith and actually seeing very similar things today.

Economist and author Branko Milanovic of the Graduate Center, CUNY, talks about his book, Capitalism, Alone, with EconTalk host Russ Roberts. They discuss inequality, the challenge of corruption in the Chinese system, and Milanovic's claim that in American capitalism, the texture of daily life is increasingly affected by the sharing economy and other opportunities.