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Politics : Formerly About Advanced Micro Devices

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bentway

To: i-node who wrote (903737)	11/30/2015 9:50:00 AM
From: combjelly	1 Recommendation Read Replies (1) of 1574854

Actually, they have. Take the world of Adam Smith. Corporations were rare and a product of the Crown. Generally for businesses operating outside of the Commonwealth. The economy was dominated by small businesses. And rent seeking was the province of the aristocracy. Note that Smith hated both corporations and rent seeking, saw the as distorting the free market. Fast forward to the modern, US economy. Corporations and rent seekers(i.e. Wall Street, although they are not the only ones) dominate the economy. Small businesses, while still a significant portion of the economy, are not dominate and their needs are generally ignored, despite being the engine for job growth. Trying to apply the rules of Adam Smith's day to the modern US economy means that more and more wealth accumulates in the hands of the ones that Adam Smith identified as distorting the free market. Adam Smith hated accumulations of wealth. He was a proponent of inheritance taxes in the case where the children were adults, living on their own, for example.

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