explaining how "the system of perfect liberty" (also called "the system of natural liberty") -- the way Smith referred to commercial capitalism -- came into being, as well as how it worked. Adam ...

The essential feature of capitalism is the motive to make a profit. As Adam Smith, the 18th century philosopher and father of modern economics, said: “It is not from the benevolence of the butcher, ...

He is clearly rather a fan of Adam Smith. An audience who had read either ... because it appears to represent an obvious failure of capitalism. In a perfect environment with no barriers to entry ...