Adam Smith, the primary theorist behind free market capitalism, said it could only exist "within an ethical context." Milton Friedman, the primary architect of free market fundamentalism, said it was only safe if we provided a UBI. 1/2
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Even they saw that without ethics and care for people, unfettered, deregulated crony capitalism would become a sociopathic phenomenon. And they were right. It has. 2/2

Feb 21, 2023 · 10:36 AM UTC

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Replying to @marwilliamson
Amartya Sen referred to Adam Smith as a representative of an ethical approach to economics; Smith's idea of impartial spectator influenced, like Rousseau's general will, the Kantian ideal of autonomy. The left that embraced Hegel and self-centered revolutions made it all wrong.
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Replying to @marwilliamson
Economic systems don't exist in a vacuum. We utilize both systems at the same time and will continue to do so. We need to strengthen oversight and nationalize anything essential to our basic human needs. There's no need to entirely do away with capitalism. Nor should we.
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Replying to @marwilliamson
Greed is actually bad, as it turns out.
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Replying to @marwilliamson
Unfettered anything is bad. Especially liberalism.
Replying to @marwilliamson
Please tell me you are a centralist, I thought I was the last one left