The Gray Area with Sean Illing

Revisiting the "father of capitalism"

46 snips
Aug 19, 2024
Glory Liu, a Harvard lecturer and author of "Adam Smith’s America," dives deep into the legacy of Adam Smith, often mischaracterized as solely the father of capitalism. Liu reveals Smith's original intentions, emphasizing moral philosophy and the human-centered aspects of economics. Their discussion critiques the one-dimensional interpretations of Smith’s work, particularly the 'invisible hand,' illustrating how empathy intertwines with self-interest in economic behavior. Tune in for a rich exploration of how Smith's ideas apply to today's social and economic challenges.
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INSIGHT

Smith's Wide-Ranging Work

  • Adam Smith, known as the "father of capitalism," was a nuanced thinker.
  • His work goes beyond free-market economics, encompassing moral philosophy and other fields.
INSIGHT

Smith's Critique of Mercantilism

  • In Wealth of Nations, Smith challenged mercantilism, arguing that national wealth comes from labor.
  • He highlighted the division of labor and critiqued monopolies like the British East India Company.
INSIGHT

Smith's Measure of National Wealth

  • Smith measured national wealth by the accessibility of basic necessities, not just monetary value.
  • A prosperous nation ensures even its poorest members can live without shame.
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