Quotable Quotes: Adam Smith

Quotable Quotes: Adam Smith

Post from: MAPpingCompanySuccess

20060115134422!AdamSmithI ran into the following quote from Adam Smith and thought he’d be a good subject for today’s Quotable Quotes. It’s too bad that Smith, known as the godfather of free market capitalism, doesn’t carry more weight with our bankers and politicians, although Occupy Wall Street seems to get it.

“The disposition to admire and almost worship the rich and the powerful is the great and most universal cause of the corruption of our moral sentiments.”

All those bankers who have refused to provide the credit necessary for SMB to move forward might want to consider these wise words, “It is not by augmenting the capital of the country, but by rendering a greater part of that capital active and productive than would otherwise be so, that the most judicious operations of banking can increase the industry of the country.”

Sadly, the world has changed to the point where customer outrage has little to no effect, although Smith’s words still ring true for some, The real and effectual discipline which is exercised over a workman is that of his customers. It is the fear of losing their employment which restrains his frauds and corrects his negligence.”

This struck me as a great truth considering the ideologues that pass for politicians these days, “I have never known much good done by those who affected to trade for the public good.
It’s not fair to bash bankers and pols and let the corporate world off Smith’s hook, so here’s one just for them, “Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer.”

Conspicuous consumption was out of style, or at least underground, after the 2008 crash, but is back in full force now proving that Smith understood exactly what drives them, With the greater part of rich people, the chief enjoyment of riches consists in the parade of riches.”

Finally, the so-called 1% would do well to remember this, “No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.”

Image credit: Wikipedia

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