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To: nathanbedford

“If it is the product of cronyism it cannot be capitalism.”

Explain that. Greed and a willingness to cheat are present in people of all political persuasions. The former radio evangelist Garner Ted Armstrong started his shows saying that human nature is a combination of vanity, jealousy, lust and greed. Who remembers him?


52 posted on 10/31/2015 3:08:42 PM PDT by cymbeline
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To: cymbeline
...every individual necessarily labours to render the annual revenue of the society as great as he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good.

From Adam Smith's Invisible Hand

It is not the greed of the individual participating in a free market which is the problem, it is the interference by the government in the free market to favor the greedy that is the problem because it distorts the system and prevents it from working

55 posted on 10/31/2015 3:36:43 PM PDT by nathanbedford ("Attack, repeat, attack!" Bull Halsey)
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