Monday, May 24, 2010

Adam Smith Would Beg to Differ

Adam Smith would beg to differ with Rand Paul, John Stossel and the other "libertarian tea party members: private businesses do have a relationship with government, without which they would not see any profits. It is because government provides services such as roads, sanitation, education that the private business does not have to spend their time, resources and money doing so individually. This is the reason that Smith gives for businesses paying their fair share of taxes. And, if you are going to say that the roads, sanitation and education systems are not up to par, I would say that is because businesses have NOT been paying their full share of taxes.
Smith would also make this same argument for businesses following the Civil Rights Act and NOT discriminating. (BTW every one's money is the same color.)

So, I suggest that that we revisit Smith's The Wealth of Nations
if we believe in capitalism and especially in our Republic.

p.s. Remember James Madison's statement for why government is necessary (and then just think of BP, Goldman Sachs, Bernie Madoff and others if you think business is going to operate in anything other than their own pprofit motive):
"If all men were angels no government would be necessary" (Federalist Paper # 51)

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