In The Wealth of Nations (1776), Adam Smith used the East India Company as a case study to show how monopoly capitalism undermines both liberty and justice, and how the management of shareholder-controlled corporations invariably ends in "negligence, profusion and malversation". Yet nothing of Smith's scepticism of corporations, his criticism of their pursuit of monopoly and of their faulty system of governance, enters the speeches of today's free-market advocates.
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