- Sep 2023
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en.wikipedia.org en.wikipedia.org
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The invisible hand is a metaphor used by the Scottish moral philosopher Adam Smith that describes the inducement a merchant has to keep his capital, thereby increasing the domestic capital stock and enhancing military power, both of which are in the public interest and neither of which he intended.[1]
See invisible hand as a force that aids us in our life journey as a metaphor of Adam Smith his metaphor of the invisible hand
- Joseph Campbell also coined this term somewhere, in his explanation of the hero’s journey
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- Aug 2023
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Adam Smith stated the case long ago: "A man withoutthe proper use of the intellectual faculties of a man, is, ifpossible, more contemptible than even a coward, and seemsto be mutilated and deformed in a still more essential part ofthe character of human nature."
This seems apropos to the situation in which I view Donald J. Trump.
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- Jul 2023
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inthesetimes.com inthesetimes.com
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The second great separation followed the industrial revolution.
- Second great separation
- Industrial Revolution
- The early enclosure movement during the 1600s
- separated people into farmers and non-farmers
- https://hyp.is/go?url=https%3A%2F%2Fwww.parliament.uk%2Fabout%2Fliving-heritage%2Ftransformingsociety%2Ftowncountry%2Flandscape%2Foverview%2Fenclosingland%2F&group=vnpq69nW
- Prior to the enclosures, land was held in common for public use, not owned by individuals.
- The rise of capitalism also occurred during this time.
- Adam Smith wrote his landmark book, The Wealth of Nations, in 1776.
- Land was privatized so the most efficient use of land could be determined
- by market competition rather than
- community consensus.
- Labor then also had to be “commodified,” or bought and sold,
- so non-farmers could work for wages and buy food and the other necessities of life they had been getting from the land.
- With reliance on working for wages, buying, and selling
- the necessity for personal relationships were diminished.
- With the diminished necessity for personal relationships,
- the social cohesion within families, communities and society began to diminish as well.
- The persistence of chronic poverty and malnutrition, even during times of tremendous economic growth and individual wealth, are direct consequences of a growing sense of disconnectedness from each other that was nourished by the industrial era of economic development.
- The early enclosure movement during the 1600s
- Industrial Revolution
- Second great separation
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- Jul 2022
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www.thegreatsimplification.com www.thegreatsimplification.com
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18:07 - Adam Smith - The Theory of Moral Sentiments
He felt, in the Theory of Moral Sentiment that human beings can control themselves. The Church used to be the moral constraint and there was a big debate about getting rid of it. Adam Smith disagreed. He had faith that the empathic side of human behavior would be present to balance out the self-interest side. He was not right about this, unfortunately.
Our poorer living conditions provide the necessary conditions for inventing technologies that would alleviate our difficult life conditions. Progress has principally been about making our human lives more comfortable but beyond a certain threshold, self-interest started to runaway as technology allowed us to go far beyond survival.
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- Jun 2022
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Local file Local file
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the institu-tions in force in China in the eighteenth century were much more inaccord with Smith’s ideas than those applied in the United Kingdom.
Piketty suggests that eighteenth century China was a better example of economic liberalism in the vein of Adam Smith's Wealth of Nations (1776) than the United Kingdom was during the same period. He particularly points out lower taxes and balanced budgets in China, respect for property rights, better markets for labor and goods, competition, social mobility and freedom.
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- Oct 2020
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drive.google.com drive.google.com
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Scottish phi-losopher Adam Smith condemned England’s trade acts f or constrain-ing the “free” market i n his i nstant best seller, The Wealth o f Nations. To this f ounding father of capitalist economics, t he wealth of nations stemmed from a nation’s productive capacity, a productive capacity African nations l acked. “ All t he inland parts of Africa,” he scripted, “seem in all a ges of t he world to have been in the same barbarous and uncivilized state i n which we find them at present.” Meanwhile, Smith praised Americans for “ contriving a new form of government f or an extensive empire, which . . . s eems very likely to become, one of t he greatest and most f ormidable that ever was i n the world.” The found-ing fathers beamed reading Adam Smith’s prediction. J efferson later called Wealth o f Nations “ the best book extant” on political e conomy.
Adam Smith apparently held racist ideas.
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- Dec 2019
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frankensteinvariorum.github.io frankensteinvariorum.github.io
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when they were unhappy, I felt depressed; when they rejoiced, I sympathized in their joys
The eighteenth-century Scottish and British discourse of "sympathy" is especially vivid in the Creature's instinctive opening onto the emotions of others, echoing Adam Smith's arguments in The Theory of Moral Sentiments (1759).
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