ProxyAmenRa
Here to bring back the love!
You expect evidence of me, but provide none of your own. I'd like clear reasons based on sound logical analysis please.
For anything that I write you can easily ask for the source material. I must point out that it is you who has a limited to understanding of economics. It is you who refuses to learn economics. It is you who chooses remain ignorant.
Reading my posts would reveal that I don't actually believe Adam Smith created or inaugurated anything resembling capitalism. Our culture calls popular economic and political practices capitalism and democracy (although they're lies and increasingly the same thing), and I didn't want to deviate too greatly from comfortable lexicon.
Did you read the rest of the sentence you fondly quoted? Therein I delineate the ilk of "capitalism" that Adam Smith actually precipitated.
The comfortable lexicon is an assault on the philosophy through the process of redefining terms. The process of restricting the conveyance of ideas through the destruction of language. It is an insidious method undermining your philosophical opponents which allows for the development of perverse arguments like what you have presented. Such as free-market capitalism spawns mercantilism which is a joke that does not correspond to the progression of history. The reason why we have mercantilism today is because the Classical Liberals died off and the Laissez-faire utilitarians were consequentialists who were not apt to argue in terms of morality against the socialists. Attempting to convince the masses of your position through economics is a difficult thing to do.
In the US it was more less due to a series of government interventions in the banking sector leading to multitudes of failures of 19th century. Each failure roused public sentiment for further intervention culminating in the 4th Central Bank of the US, the US Federal Reserve. The US Federal Reserve caused a credit bubble during the 1920s which led to the market crash of 1929. The Austrian School at the time, Ludwig Von Mises, predicted this. The crash created the incentive to further intervene in the economy through tariffs, price and wage controls, increase in union powers and state capital projects. These policies created the Great Depression. After the fact, the interventionists concocted the fallacious narrative that free-market capitalism caused the Great Depression. The reason given to the public to justify intervention. End result today is that we live under mercantilism.
Discounting tariffs, intervention in the banking sector and the creation of the railway cartel through the ICC, capitalism in the US only lasted 100 years or so. The creation of the 4th Central Bank marked the end.
All that Adam Smith did was write a severely flawed treatise on economics which essentially retrogressed the field of economics by two-hundred years i.e. reemphasizing the cost of production theory of prices. Apart from the flaws and compete lack of referencing, what Adam Smith sort to do, like all economists, is to inquire into the nature of economics. Ergo, he set out to explain what occurs in reality such as unhampered markets leading to wealth creation. Many other schools of economic thought pre-classical economics sort to explain this phenomena as well such as the French Physiocrats.
Allow me to refresh your evidently dodgy memory on what I said earlier (see spoiler). I could conceive of democracy and completely fail at aptly characterizing or comprehending true democracy, spreading democracy, and implementing democracy. I still conceived of democracy, thanks for playing.
I agree, the US was never intended to be a "true" democracy. It is not hard to read the constitution or the federalist papers to deduce this.
The US Federal Government was meant to be the most limited in power government to ever exist but the interstate commerce and the general welfare clauses with some activist judges allowed for the expansion of government intervention.