03 April 2009

I ♥ Adam Smith('s ideas)

I am a unapologetic capitalist. One of the most frustrating things for me during this economic turmoil has been the frequent post mortems of capitalism. It is far to early to declare it a failed system.

The more likely culprit of our malaise stems not from capitalist principles, but misguided regulations. That is not to say that capitalism is a perfect system, but the direction that Obama is taking makes me uncomfortable.

My point is that Capitalism, in particular as it was explained by its father Adam Smith, should not be abandoned, especially in favor of Keynesian economics. This article from Standpoint, a UK magazine, demonstrates the multi-layered capitalism, simplified far too often in our day.

It's kind of long, but just print it out or bookmark it. It's worth the read.

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