The Trump Presidency Message Board

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Politics : The Trump Presidency

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bentway

S. maltophilia

Terry Maloney

To: Lane3 who wrote (214490)	10/12/2021 12:58:39 PM
From: combjelly	3 Recommendations Read Replies (1) of 354429

That idea of producerism is older than the 19th century. Adam Smith regarded the owners of capital to be rent-seekers or rentiers. He regarded them as a distortion of a free market. It must be pointed out that Adam Smith was before the Industrial Revolution had really gotten going, much less the 2nd Industrial Revolution of the 19th century. So the utility of capital to invest in factories and such wasn't really apparent at the time. However, wealth concentrations still do introduce distortions in free markets. And arguably makes truly free markets impossible.

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