Adam Smith, the main architect of free market capitalism, said it “cannot exist outside an ethical context.” Whether capitalism, tech, govt or something else, everything will be dangerous until we replace the question “How much $ will it make?” with “Is it the right thing to do?”

Sep 15, 2020 · 6:59 PM UTC

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Replying to @marwilliamson
Same goes for green energy which if done wrong will cause more destruction to the environment not less.
Replying to @marwilliamson
It’s not just, “is it the right thing to do?” Will it help improve the lives, health, & safety of the large majority of residents? When only a small minority (1%) benefit, are the remaining people helped or hurt? If roads, bridges, tunnels continue to deteriorate, all are hurt.
Replying to @marwilliamson
Explain that to the political machine that requires a full war chest to maintain power. That machine fills those war chests by feeding the dark side of the capitalism beast. They keep it alive and they are compensated for it.
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Replying to @marwilliamson
Ask both questions.
Replying to @marwilliamson
Plus Smith was assuming that profits would be reinvested into the business not stashed off shore.
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Replying to @marwilliamson
Econ is a field of study, created for people who want to count the # of angels that fit on a pin. It's only the philosophical study of unproven theories in a vacuum: i.e. outside of concerns for society. Economists take society/our govt for granted, as they undermine democracy.
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Replying to @marwilliamson
@marwilliamson, If you ever wondered why Libertarians take civilization/society for granted & assume they can live in an Econ theory, it's due to the denial of Civics education & constant propaganda from Econ. All Econ theories, if implemented, build authoritarian govts.
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